Crypto markets are under pressure. Bitcoin’s price is stuck below $70,000 as Trump’s Iran ultimatum looms and oil prices push toward $120, keeping traders firmly in risk-off mode.
Meanwhile, a Google-linked study warned that quantum computers could theoretically crack a Bitcoin wallet in under 9 minutes. The Ethereum Foundation is nearly done staking its 70,000 ETH target, and the CFTC is going to court against three states to keep prediction markets federally protected.
It’s been a week of geopolitical tension, big institutional moves, and long-term threats. Get the full picture in this week’s recap.
CFTC Sues Three States to Protect Prediction Markets from Gambling Laws
The CFTC has filed lawsuits against Arizona, Connecticut, and Illinois, arguing that federal law, not state gambling rules, governs platforms like Kalshi and Polymarket. The agency wants courts to block state enforcement actions, including criminal charges and cease-and-desist letters, calling state intervention unconstitutional overreach into federally regulated markets.
Circle Takes Aim at WBTC With Its Own Wrapped Bitcoin
Circle is preparing to launch cirBTC, a wrapped Bitcoin token backed 1:1 by native BTC with reserves verifiable on-chain in real time. Targeting institutions, it will launch on Ethereum and Circle’s own Arc blockchain, integrating with USDC and Circle Mint, positioning itself as a more transparent rival to WBTC and Coinbase’s cbBTC.
SEI Ticks Up Ahead of Major Network Upgrade
SEI gained nearly 5% to $0.0532 as Kraken enabled direct stablecoin deposits on SEI EVM, removing bridge friction ahead of the April 6–8 Giga upgrade, which targets 200,000+ TPS and sub-400ms finality. Analyst CyrilXBT remains cautious, holding off until $0.10 breaks on strong volume. SEI is still down 52% year-to-date.
BitMine Stock Eyes 160% Rally, But Ethereum Holds the Key
BitMine (BMNR) is holding support at $20 after falling from $160, with technical charts pointing to a potential breakout toward $50. The company now holds 4.7 million ETH, nearly 4% of the total supply, but any recovery hinges on Ethereum snapping its five-week streak of outflows from ETFs.
Dogecoin Tumbles to $0.09 but Chart Signals Big Move Ahead
DOGE fell 4.1% after Trump threatened Iran strikes, dragging crypto markets into risk-off mode. A whale pulled $83M from Bithumb mid-selloff, while spot ETF inflows have flatlined for three weeks. Technically, Bollinger Bands are squeezing, and DOGE sits at the base of a multi-year rising channel, historically a launchpad for major moves.
Tesla Stock Eyes $500 as War-Driven Gas Prices Boost EV Appeal
Tesla stock has bounced to $380 after hitting yearly lows, with technical indicators pointing toward a potential run to $500. Rising gasoline prices from the ongoing Iran war are pushing consumers toward EVs, while rivals like GM and Ford retreat to combustion engines. Wall Street expects Tesla deliveries to double to 3 million by 2030.
Solana Caught Between Analyst Warnings and Institutional Confidence
Solana is trading at $83, down 72% from its January 2025 peak, with analysts targeting $74 and even $50 amid treasury selling and two weeks of ETF outflows. But institutions are moving the other way, B2C2 named Solana its primary stablecoin network, and SOL led all chains in DEX volume for seven straight months.
XRP Stuck in Limbo as ETF Outflows and Weak Demand Weigh
XRP has traded flat near $1.33 since February, sitting 45% below its January peak. Spot XRP ETFs recorded their first month of outflows in March, shedding $31 million. Futures open interest and demand for the RLUSD stablecoin have also fallen sharply, with analysts eyeing a potential drop toward $1.12.
Google Study Warns Quantum Computers Could Crack Bitcoin in Minutes
A study connected to Google’s quantum research estimates that a sufficiently advanced quantum computer could break a Bitcoin wallet’s encryption in roughly nine minutes — just under Bitcoin’s 10-minute block time. The threat isn’t immediate, as current hardware falls far short of the required scale, but developers are already exploring quantum-resistant cryptographic upgrades.
Coinbase Stock Risks 40% Further Drop to $100
Coinbase shares have fallen 65% from their 2025 peak to around $161, weighed down by a potential crypto market downturn, rising competition from Hyperliquid, and uncertainty around the CLARITY Act. Technically, COIN has formed an inverted cup-and-handle pattern, with analysts eyeing a breakdown toward $100 if key support at $144 fails.
Ethereum Foundation Makes Its Biggest ETH Stake Yet
The Ethereum Foundation staked 22,517 ETH, worth around $46 million, its largest single deposit ever. The move is part of a broader plan to stake up to 70,000 ETH from its treasury, reinvesting all rewards into grants and research while helping secure the network with additional validators.
