Summary
TLDR: Cryptocurrencies experienced volatility over the weekend due to geopolitical concerns after Iran’s drone attack on Israel. Bitcoin dropped, while Ether and Solana bounced back. Traditional financial havens like gold rallied. Oil prices are a leading indicator for recession. Tokenized hedge fund Ethena saw outflows, while net flows to layer-2s Arbitrum and Optimism increased. Hong Kong approved spot bitcoin and ether ETFs. Potential crypto-backed candidate John Deaton aims to challenge Senator Elizabeth Warren.
Key Points
1. Bitcoin crashed to below $62,000 on Saturday evening, extending the sell-off that began Friday when BTC dipped from $70,000 to $66,000 in a matter of hours.
2. Ether (ETH) and Solana (SOL) bounced back stronger, with ETH up 7% and SOL gaining 9% earlier in the day.
3. Oil prices hit their highest level since October last week, with gold rallying 17% as traditional financial havens were sought after the drone attack on Israel by Iran.