Crypto Weekly Performance Review

March 8, 2026 Crypto Weekly Recap:

 Weekly Recap: Total Market Cap (0.7%), to $2.346T

• Week in Review
  • The crypto sector wiped off recent gains following the commencement of US military action against Iran. ETF outflows have been gathering pace however long liquidations on crypto exchanges remain within normal levels. Crypto asset outflows from Iranian exchange Nobitex surged by 700% immediately after the strikes began, leading to the belief that crypto is being used for capital flight.
  • JPMorgan analysts have identified the potential passage of U.S. cryptocurrency market structure legislation as a primary driver for the industry during the 2H26. The report specifies that the establishment of a clear legal framework would transition the sector away from its current reliance on judicial enforcement for regulatory guidance. The report notes that while legislative progress has been made, final approval remains dependent on resolving Senate-level negotiations regarding stablecoin provisions and reward payments. JPMorgan states that the absence of such a framework persists as a market headwind. In a Truth Social post, President Donald Trump warned that banks are holding up the Clarity Act, which he sees as vital to keeping the crypto industry on home soil, arguing that failure to act could send innovation overseas, especially to China. He urged lawmakers to prioritize market structure reforms and ensure Americans benefit financially from the growing crypto sector, insisting that banks must strike a fair deal to support America’s “powerful Crypto Agenda.”
  • CFTC Chairman Mike Selig announced that the agency is nearing the release of policies allowing crypto perpetual futures, alongside broader digital asset regulations under Project Crypto. These perpetual futures are popular offshore due to US regulatory hesitancy. US exchange Kraken, for instance, currently offers such products only to non-US users. He emphasized the need for innovation exceptions to encourage crypto experimentation and plans to address regulatory uncertainty around DeFi developers. While SEC Chair Paul Atkins echoed support for regulatory progress, he acknowledged the need for statutory authority to solidify these efforts. The lack of congressional legislation, like the stalled Digital Asset Market Clarity Act, limits the permanence of current regulatory guidance, leaving policies vulnerable to legal challenges or reversal by future administrations.
  • The Federal Reserve issued a document clarifying that an eligible tokenized security would qualify as financial collateral and may be recognized by a banking organization as a credit risk mitigant. As financial collateral, eligible tokenized securities would be subject to the same haircuts as the non-tokenized form. The capital rule does not provide different treatment based on whether the tokenized security is issued on permissioned or permissionless blockchains.
  • Senator Cynthia Lummis hailed the Federal Reserve’s granting of a master account to Kraken Financial characterizing the move as a definitive step toward ending the systemic de-banking of the crypto industry. Lummis that by allowing a Bitcoin-focused bank direct access to the Fed’s payment rails, the decision effectively opens the door for broader Bitcoin adoption within the traditional banking sector, as it removes the need for intermediary banks and creates a legitimate, regulated bridge for digital assets to function as a core part of the American financial system.
  • The Brownstone Institute argues that the regulatory framework for private stablecoins may inadvertently implement the surveillance capabilities of a CBDC without officially creating one. By requiring issuers to maintain 1-to-1 reserves in government-approved assets and subjecting them to rigorous federal oversight and reporting standards, the act centralizes control and visibility over digital transactions. While the legislation officially bans a state-issued CBDC, the resulting permitted payment stablecoin system creates a transparent, regulated environment that grants the government significant monitoring powers over the private digital economy.
• Highlights
  • Bitcoin/DLT/DeFi
    • Ethereum co-founder Vitalik Buterin shifting scaling conversation away from L2 and back to the protocol’s core (BeInCrypto )
    • Stark shares technical infrastructure roadmap for 2026 (StarkNet )
    • Based L2 Token creation platform Doppler expands to Solana (TheBlock )
    • Aave newsletter issue #13 (Aave )
    • GMX DAO approves proposal to revise protocol reward and liquidity structure (Crypto.news)
    • Sky adds new vaults onto sky money app, including two MORPHO focused ones (Sky )
    • Aptos private transactions on the horizon if upcoming governance vote passes (Aptos )
    • NYDIG head of research believes AI disruption could benefit BTC (Binance )
  • Corporate
    • X platform lifts crypto advertising ban (PR )
    • Strike secures Bitlicense, allowing the offering of BTC services to New Yorkers (TheBlock )
    • Revolut files of US Bank Charter, onboards new CEO (Revolut )
    • Binance expects to secure five additional licenses in Asia this year (Nikkei)
    • Backpack crypto exchange aims to allow access to IPO allocations via tokenized equities (The Block)
    • Iranian exchanges hit with largest outflow following attack (TheBlock )
    • YZI labs invests $100M in hash global BNB fund (TheBlock )
    • Crypto.com launches IRA product combining crypto/stocks (TheBlock )
  • Stablecoins/CBDCs
    • ECB warns that adoption of stablecoins could pose major risks to European banks (Bloomberg)
    • Tether freezes $4.2B in USDT linked to crime in 3 Years (Cointelegraph )
    • Analysts see rising oil prices and shifting rate expectations as tailwinds for Circle’s valuation (The Block)
  • Politics/Regulation
    • Trump reportedly held meeting with Coinbase’ CEO prior to Truth Social post yesterday (Politico)
    • US Senators call for probe Into Binance’s AML controls (Cointelegraph )
    • Dubai regulators seeks KuCoin exchange stop services as it is operating without proper licenses (CoinDesk )
    • South Korea to step up custody measures after an NTS error led to unauthorized transfer of confiscated tokens (TheBlock)
    • Class action against Uniswap over scam tokens dismissed by U.S. federal judge (TheBlock)
    • Eric Trump critiques big banks over opposition to stablecoin interest payments (X Post)
    • U.S. IRS proposes digital-only tax forms for digital asset brokers (Federal Register)
    • FBI arrests suspect in $46M U.S. government crypto theft in Saint Martin (X Post)
• Data – Last Price, 7D%, Fully Diluted Valuation
  • Bitcoin (BTC) $66,285 / (0.6%) / $1391.99B
  • Ethereum (ETH) $1,948 / (1.3%) / $235.11B
  • XRP (XRP) $1.35 / (1.6%) / $134.77B
  • BNB (BNB) $615.49 / (1.1%) / $83.93B
  • Solana (SOL) $82.54 / (3.3%) / $51.33B
  • Hyperliquid (HYPE) $30.50 / (5.4%) / $29.33B