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6 Mar 2026, 14:08
Bitcoin Price Returns to $70K Despite Growing Tension in the Middle East: Your Weekly Crypto Recap
This time last Friday, the tension was building in the Middle Eastern region, but only a handful of people could have predicted how the world would change just hours later. On Saturday morning, Israel and the USA joined forces to launch a military operation against Iran, which began with air strikes. Iran retaliated and continues to do so as the week progressed, even though its Supreme Leader was killed during the first day of the attacks. Since then, the developments on the matter have quickly escalated, with almost a dozen countries already being directly involved, while essentially every nation has felt the consequences in one form or another, especially after the Strait of Hormuz was closed and energy prices skyrocketed. Amid all of this massive geopolitical tension, which began on an off-day for every other financial market aside from crypto, bitcoin’s price has remained stable overall. Well, that’s after the initial Saturday shock when it tumbled by $4,000 to $63,000. It quickly rebounded, recovered all losses, and even headed to new local peaks during the business week. Although there’s no evidence that this war could end soon, BTC surged by $11,000 from its Saturday low to $74,000 on Wednesday. However, it faced an immediate rejection there and now trades around $70,000. This is still roughly 5.5% higher than its price level last week, which is rather surprising given the surging uncertainty. Only a few larger-cap alts have performed better during this timeframe, including HYPE, NEAR, SKY, and MNT. In contrast, ADA, CC, BCH, SHIB, WLFI, and DOT are deep in the red. Market Data Cryptocurrency Market Overview Weekly Mar 6. Source: QuantifyCrypto Market Cap: $2.46T | 24H Vol: $108B | BTC Dominance: 56.9% BTC: $70,000 (+5.6%) | ETH: $2,050(+4.4%) | XRP: $1.38 (+1.4%) This Week’s Crypto Headlines You Can’t Miss Kraken Just Became the First Crypto Company With a Fed Master Account — Why It Matters . The veteran US exchange has secured access to a limited-purpose master account from the US Federal Reserve Bank of Kansas. Kraken Financial can now directly connect to the Fed’s core payment systems and bypass some of the intermediaries that exist when users are trying to deposit/withdraw. Kazakhstan May Sell Gold to Fund $350M Crypto Purchase: Report . The governor of the country’s central bank said they plan to invest up to $350 million in cryptocurrencies or high-tech firms related to the industry. They want to use some of their current investments, such as gold and foreign exchange reserves, to do so. NYSE Parent Company Invests in OKX at $25 Billion Valuation . Intercontinental Exchange, the behemoth behind the New York Stock Exchange, acquired a minority stake in the popular cryptocurrency trading platform, OKX. This puts the latter’s valuation at an impressive $25 billion after the latest investment round. Ray Dalio Dismisses Bitcoin’s Safe-Haven Narrative, Rejects Comparisons to Gold . Despite BTC’s better performance since the tension in the Middle East skyrocketed, billionaire Ray Dalio dismissed its potential to serve as a safe-haven narrative and praised gold once again. $1 Billion Floods Back Into Crypto Funds, Snapping Five-Week $4B Bleed . The previous business week snapped a five-week red streak in which investors pulled out around $4 billion from crypto-related funds. Instead, they poured around $1 billion in the span of five business days. Justin Sun ‘Very Pleased’ With $10 Million SEC Settlement . Nearly three years after he and some of his companies were sued by the US SEC, Justin Sun announced that the claims were dismissed after he reached a $20 million settlement with the regulator. The post Bitcoin Price Returns to $70K Despite Growing Tension in the Middle East: Your Weekly Crypto Recap appeared first on CryptoPotato .
6 Mar 2026, 14:00
$15.19M LINK transfer coincides with channel break – Will $9.60 fall next?
Whale inflows hit Binance, creating tension with bullish trader positioning.
6 Mar 2026, 14:00
Lummis Says Lawmakers Eye Bitcoin Payments Without Capital Gains Tax
Sen. Cynthia Lummis said US lawmakers are actively exploring how Bitcoin can be used for everyday payments without automatically triggering capital gains tax, framing the issue as a key obstacle to treating the asset as a true medium of exchange. Speaking on CNBC’s Squawk Box on March 5, the Wyoming Republican said discussions are underway in both the House and Senate around a potential de minimis exemption, with the figure currently being considered landing “right around $300.” Congress Eyes Tax-Free Bitcoin Payments Lummis described that threshold as only part of the broader tax problem. The bigger question, she suggested, is not simply where to set a small-transaction exemption, but how Congress should distinguish between a disposal of Bitcoin as an investment asset and the use of Bitcoin as money. “It’s called the de minimis exemption . And the number that is being looked at by House Ways and Means and Senate Finance is right around $300 as a de minimis exemption,” Lummis said, and added: “But the challenge is trying to figure out how you can use Bitcoin as a means of exchange without paying a capital gains tax on it. So we’re trying to figure out how to weigh the appropriate way to decide when a sale of, for example, a Bitcoin should be subject to capital gains and when it should be allowed to be used as a simple means of exchange. The same way we use the US dollar.” That distinction matters. Under the current framework, spending appreciated Bitcoin can create a taxable event, even when the transaction looks economically similar to an ordinary purchase made in dollars. For crypto advocates, that has long been one of the main reasons Bitcoin has struggled to function cleanly as a payments rail in the US, despite its growing acceptance as a store of value and institutional asset. The exchange on CNBC made clear that Lummis sees the issue less as a niche crypto tax tweak and more as a structural inconsistency in how digital assets are treated. When host Joe Kernen joked that, by similar logic, consumers should be able to claim capital losses as the dollar steadily loses purchasing power, Lummis agreed and leaned into the comparison. “It’s right because it’s by design the US dollar loses value at 2% or more every year,” she said. “So you’re right. If we did the same thing with the US dollar, all taxpayers would be getting a capital loss annually.”However, Lummis did not outline a final legislative path, and she did not claim consensus has been reached. At press time, Bitcoin traded at $70,786.
6 Mar 2026, 13:55
SEC Moves to Settle Justin Sun of Tron Case With $10M Penalty
The U.S. Securities and Exchange Commission (SEC) moved Wednesday to settle its high-profile enforcement case against Justin Sun and his affiliated companies, proposing a $10 million civil penalty. If approved by a federal judge, the judgment would dismiss all remaining claims against the TRON founder with prejudice, marking a decisive end to the years-long legal battle. Key Takeaways: Settlement Terms: Rainberry Inc. agrees to a $10 million penalty and an injunction against deceptive practices without admitting wrongdoing. Case Dismissal: All claims against Justin Sun, the Tron Foundation, and the BitTorrent Foundation will be dismissed with prejudice. Regulatory Signal: The deal represents a significant de-escalation by the SEC following recent leadership changes and industry pushback. Discover: The best meme coins on Solana SEC Deal: A $10 Million Resolution to Years of Litigation According to a proposed final judgment filed yesterday in the U.S. District Court for the Southern District of New York, Rainberry Inc., the company behind the BitTorrent protocol, will pay the $10 million civil penalty. The company also agreed to a permanent injunction barring it from violating anti-fraud provisions in future securities offerings. Crucially, Rainberry accepted the settlement without admitting or denying the SEC’s allegations. In exchange for this penalty, the SEC agreed to dismiss all outstanding claims against Sun personally, as well as the Tron Foundation and BitTorrent Foundation. The dismissal is “with prejudice,” meaning the regulator cannot refile these specific charges against Sun or his foundations in the future. The agreement effectively clears Sun’s personal liability in the matter. Sun confirmed the development on social media on today. In a statement on X, he noted that the resolution “brings closure” and declared his intention to focus on “accelerating innovation in the U.S. and around the world.” I am very pleased to confirm that the SEC has moved to dismiss all claims against me, Tron Foundation, and BitTorrent Foundation. Today’s resolution brings closure, but I never stopped building. I will continue to focus on accelerating innovation in the United States and around… — H.E. Justin Sun (@justinsuntron) March 5, 2026 Context: From Celebrity Charges to Political Pivots The SEC originally sued Sun in March 2023, alleging the unregistered sale of TRX and BTT tokens. The regulator’s complaint was extensive, accusing Sun of directing wash trading to artificially inflate TRX volumes and orchestrating undisclosed payments to celebrities like Lindsay Lohan and Jake Paul for promotion. Six of those celebrities settled in 2024 for roughly $400,000 combined. This settlement arrives amid a broader shift in SEC enforcement strategy following the presidential inauguration. Today, the SEC has moved to dismiss all claims against BitTorrent Foundation. We are pleased to resolve this matter and move forward. A new era of support for innovation is just beginning and today’s resolution is an encouraging step for the future of innovation in the United… — BitTorrent (@BitTorrent) March 6, 2026 Democratic lawmakers, including Rep. Maxine Waters, criticized the move in a recent letter , suggesting the agency is retreating from crypto enforcement cases involving figures with political connections. Sun reportedly invested heavily in World Liberty Financial tokens and attended events associated with the new administration prior to this resolution. What the Justin Sun Case Says About the SEC Now The $10 million figure is relatively modest compared to the billions sought in other recent crypto cases. It signals that the current SEC is prioritizing case clearance over maximum punitive damages, a sharp departure from the “regulation by enforcement” era of 2023. This shift aligns accordingly with a maturing market structure. As recently discussed on Cryptonews , the biggest winners of the next cycle may be the most regulated entities that successfully navigate the government’s requirements. If this pragmatic approach continues, expect other stalled enforcement actions to resolve quickly in the coming months, likely with similar “no admission of guilt” structures. Discover: The next crypto to explode! The post SEC Moves to Settle Justin Sun of Tron Case With $10M Penalty appeared first on Cryptonews .
6 Mar 2026, 13:26
KuCoin drops 1M USDT airdrop incentive for traders holding new futures contracts
In this post: Crypto exchange KuCoin has launched an incentive program to distribute $1 million in USDT to traders who hold positions in newly listed futures contracts. The program will allow traders to draw incentives from the reward pool, which accrues on an hourly basis based on exposure time and position size. The exchange also launched a new engagement-driven reward framework designed to expand the role of the KuCoin Token (KCS) beyond traditional exchange utility. Crypto exchange platform KuCoin has unveiled an incentive program offering a 1 million USDT reward pool. The program aims to reward traders who hold positions in newly listed futures contracts, valuing time instead of speed. KuCoin, a crypto exchange based in Seychelles, has launched a rewards program called “Trade New Futures & Share 1M Airdrop.” The exchange designed the program to incentivize trading activities on its platform. The exchange announced it has set up a rewards pool consisting of 1 million USDT to reward traders holding positions in the platform’s newly listed futures contracts. According to the announcement, rewards will accumulate hourly and depend heavily on traders’ time and position exposure. KuCoin rolls out reward-holding incentives for long-term traders KuCoin explained that the program will promote healthier participation of new listings by encouraging more stable early organic liquidity formation. The incentive program will reward holding duration rather than the contemporary reward for “speed,” which has created an unfair advantage for less sophisticated market participants. More often than not, speed has driven high-frequency, event-driven behavior that has monopolized trading, especially among new projects. The program also aims to strengthen listing ecosystems. KuCoin announced that the program will promote the establishment of a more transparent and stable trading environment for new listings and align incentives with longer, more deliberate market engagement. The incentive will give traders more reasons to hold their positions for longer to maximize returns. The program is set to help eligible users offset holding-related costs while contributing to more orderly early-stage participation. The innovation aligns with KuCoin’s broader objective to improve the maturity of new markets. KuCoin emphasized that the initiative aims to promote early participation in new projects by rewarding time in the market. The exchange also announced that the program will help emerging projects and markets navigate early volatility with more consistent user engagement. KuCoin unveils KCS PulseDrop reward framework to expand KCS utility KuCoin also announced it has rolled out a new rewards framework, KCS PulseDrop, which is primarily driven by engagement and user participation. The innovation is designed to expand the role of the KuCoin Token (KCS) beyond traditional utility within the KuCoin exchange ecosystem. The new initiative will facilitate the rollout of a transparent system that converts everyday platform activities into measurable participation rewards. These exchange concentrated activities include staking and crypto-powered payments. KuCoin’s KCS PulseDrop program aligns with the exchange’s long-term objective of linking user engagement to ecosystem incentives. The new framework provides users with early exposure to high-quality projects while simultaneously allowing participants to earn extra income. The amount of rewards distributed to traders will be determined by a user’s share of total points, aligned with outcomes and sustained participation. The KCS PulseDrop rewards framework will involve three key pillars, including staking and trading integration, strategic multipliers, and fiat payment rewards. The exchange announced that the staking and integration pillar will facilitate automated calculation of transaction volumes across spot and futures markets into a tiered point system. The strategic multipliers will accelerate accumulation by enabling traders to trade specific project tokens or KCS. On the other hand, the fiat and payment rewards pillar will allow users to utilize KuCard, P2P, or KuCoin Pay for daily transactions. The rollout will contribute to a cumulative “Payment Task” score that rewards users for real-world crypto utility, according to the exchange’s official announcement. KuCoin also explained that the KCS PulseDrop framework will strengthen KCS’s role within KuCoin’s product architecture and the overall ecosystem. The framework will integrate KCS staking activities powered by on-platform participation and ecosystem rewards.
6 Mar 2026, 13:20
Bybit and Block Scholes Report Highlights Crypto Market Resilience Amid Geopolitical Tensions
Dubai, UAE, March 6th, 2026, Chainwire Bybit , the world’s second-largest cryptocurrency exchange by trading volume, has released the latest Bybit x Block Scholes Crypto Derivatives Analytics report , offering an in-depth analysis of digital asset markets as geopolitical tensions in the Middle East weigh on global financial sentiment. Key findings: Major cryptocurrencies demonstrated resilience despite the worsening macro and geopolitical backdrop. Bitcoin briefly breached $74,000 while Ethereum approached $2,200, following a recovery in sentiment after both assets briefly dipped to around $63,000 and $1,800 following the initial outbreak of hostilities in the Middle East. Demand for optionality increased after the announcement of U.S. airstrikes against Iran and subsequent retaliation across the Gulf region. Short-term implied volatility rose to around 60 percent, moderately inverting the term structure of volatility, though absolute implied volatility levels remain well below the peaks seen in early February, when short-tenor volatility reached around 100 percent. Relative to delivered volatility, implied volatility is currently trading lower across both short- and mid-dated tenors, indicating a more measured demand for downside protection compared with early February, when options pricing reflected a strong rush for hedging. Funding rate dynamics suggest the recent altcoin selloff was driven more by selling in perpetual futures markets than in spot markets. Bitcoin, Ethereum and Solana funding rates turned negative over the weekend following Iran’s response to U.S. missiles, signaling futures prices trading below spot levels as short traders paid to hold positions. Bitcoin funding rates recovered to neutral levels relatively quickly, while Ethereum funding rates experienced a second leg lower before returning to neutral with a lag, and Solana funding rates remained mostly negative, indicating comparatively stronger bearish sentiment in altcoins. Institutional demand showed tentative signs of recovery. During the first three trading days of March, spot Bitcoin ETFs accumulated approximately $1.145 billion worth of Bitcoin, while Strategy, the largest Bitcoin digital asset treasury firm, purchased about $204 million worth of Bitcoin last week, marking the firm’s largest purchase since late January. The report shows that despite heightened geopolitical tensions, crypto-asset spot prices have sustained a recovery in sentiment after the initial market reaction to the conflict, with major assets demonstrating resilience against broader macro uncertainty. Options markets also reflected this dynamic. Traders bid up optionality immediately after confirmation of the U.S. airstrikes, pushing short-term implied volatility higher and briefly inverting the volatility term structure, though the inversion has since eased slightly. At the same time, options markets remain bearishly positioned across the volatility surface, although sentiment has moderated compared with the immediate aftermath of the strikes. When Bitcoin revisited $63,000, put options traded with around a 15 volatility-point premium over calls, reflecting demand for downside protection. The 25-delta put-call skew subsequently rebounded alongside the recovery in spot prices. “Since the onset of the Middle East conflict, major cryptos have remarkably fared better than traditional safe haven assets, outperforming the likes of the U.S. dollar and gold,” said Han Tan, Chief market analyst at Bybit Learn. “Still, digital assets have a lot more to prove before they can rightfully claim ‘safe haven’ status, at least in the mainstream market’s eyes. The ongoing conflict may well trigger further bouts of volatility across global financial markets, and it remains to be seen whether the resilience shown thus far in crypto prices can be sustained.” Overall, the analysis indicates that although options markets remain defensively positioned, bearish sentiment has moderated compared with the immediate aftermath of the initial strikes. The full Bybit x Block Scholes report is available for download. #Bybit / #CryptoArk / #BybitLearn About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: [email protected] For updates, please follow: Bybit's Communities and Social Media ContactHead of PRTony [email protected] Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
