Bitcoin fell below $67,000 on March 27, with $300 million in long positions liquidated in a single day, as Iran rejected the US peace proposal and oil prices topped $100. The 10-year Treasury yield neared 4.5%, pressuring risk assets. Meanwhile, Coinbase is pushing back against a proposed Senate bill that would ban yields on stablecoins.
Coinbase Opposes Stablecoin Yield Ban
According to CoinDesk and The Block, a draft bill banning stablecoin yields is moving forward in the Senate. Coinbase publicly opposed it, arguing it would stifle innovation and harm users. The bill remains under discussion.
Bitcoin Plunges, $300M Longs Wiped Out
After Iran rejected the US peace proposal, market panic spread rapidly. Bitcoin dropped over 5% in a single session, touching a low of $66,800. Liquidation data shows $300 million in long positions were forced to close within 24 hours, primarily on Bitfinex and Binance. Ethereum, Solana, and other majors followed the decline. Analysts note that geopolitical risks dominate the short term, with Trump's social media posts on Iran repeatedly triggering market swings.
Trump-Iran Nexus and Crypto Market Patterns
Data reveals that accounts with advance knowledge of Trump's tweets on Iran made $580 million in oil trades 15 minutes before he posted. Similar patterns appear in crypto: each time Trump signals aggression, BTC drops; when he signals de-escalation, prices pump. Trump's family is reportedly deeply involved in crypto through World Liberty Financial and the TRUMP token, leading some to question whether market movements are intentional.
Pepeto Raises $8 Million Amid Fear
During the most extreme market fear (Fear & Greed Index at 14), emerging project Pepeto raised over $8 million at a price of $0.000000186. The project offers a zero-fee exchange (PepetoSwap), cross-chain bridge, and contract check tools. Its code has passed a SolidProof audit, and the team includes a former Binance expert. A Binance listing is confirmed, with staking APY at 192%. Marketing materials claim this fear is the ideal entry before a bull run.
Dogecoin and Avalanche Under Pressure
Dogecoin fell to $0.089, down 7% for the week. Elon Musk's "Dogefather" video failed to sustain a rally. Avalanche dropped to $8.73, a 9% weekly decline, as DeFi activity slowed across Layer 1 chains. AVAX needs to reclaim $10 to avoid further downside toward $7. Without a clear catalyst or macro shift, recovery remains difficult.