Crypto Market Update: Crypto Prices Calm on US/Iran De-escalation Signals

Bitcoin (BTC) was priced at US$70,909.92, up by 2.2 percent over the last 24 hours.

Major indexes rose, oil prices dropped and the broader crypto market held steady on signs of ceasefire talks between the US and Iran after a senior Iranian official told Reuters that Tehran was reviewing a 15 point proposal delivered by Pakistan from the US to end the war, fueling hopes of de-escalation.

The crypto comeback is showing moderate strength. Higher prices, signals of falling open interest and a positive funding rate confirm that bulls are in control without extreme leverage.

Ether (ETH) was priced at US$2,169.92, up by 2.5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.41, up by 1.6 percent over 24 hours.

• Solana (SOL) was trading at US$91.76, trading 3.2 percent higher over 24 hours.

Today's crypto news to know

House Financial Services Committee tackles tokenization rules

The House Financial Services Committee held a hearing on Wednesday to address regulatory gaps in tokenized securities ahead of Nasdaq (NASDAQ:NDAQ) pilots for tokenized equities. Current securities laws do not clearly define tokenized stocks or bonds, leaving uncertainty around registration, disclosures and investor protections. Real-world asset platforms like BlackRock's (NYSE:BLK) US$1.2 billion BUIDL fund stand to be most impacted.

According to pre-hearing memos, the hearing also examined custody and record-keeping rules for blockchain systems. Rules need updating so brokers, transfer agents and exchanges can legally use blockchain infrastructure for holding and transferring tokenized assets without violating paper-based 1934 Act requirements.

Finally, the committee called for better coordination from the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) through a joint study to clarify jurisdiction over tokenized derivatives and securities to avoid overlap while balancing innovation and risk management.

The SEC and CFTC issued a joint interpretation on March 17 with a token taxonomy classifying assets and a memorandum of understanding for coordination, but it focuses on crypto assets, not specifically tokenized securities.

"This hearing is not the arrival of tokenized capital markets, but it is an unmistakable sign that tokenization has entered the domain of serious financial regulation. That matters. Once legislatures, regulators, exchanges, and post-trade institutions begin addressing tokenization as market plumbing rather than crypto novelty, the conversation becomes much more consequential," said Elisenda Fabrega, general counsel for tokenization platform Brickken.

Circle stock dives after revised CLARITY draft

Circle Internet Group (NYSE:CRCL) shares plunged 20 percent in their worst trading day on record after a revised draft of the CLARITY Act indicated stablecoin issuers could be barred from offering yield on customer balances.

The proposal targets one of the key incentives behind holding tokens like USDC, treating passive rewards similar to interest-bearing deposits that banks argue pull funds out of the traditional system.

While the bill leaves room for “activity-based” rewards tied to lending or payments, the broader restriction rattled investors and dragged down Coinbase Global (NASDAQ:COIN), which distributes USDC. Circle’s primary distribution partner fell by nearly 10 percent on concerns that reduced yield could shrink user balances and transaction activity.

Bitcoin ETFs draw billions under pressure

Institutional appetite for Bitcoin exposure is proving more resilient than price action suggests, with US-listed spot exchange-traded funds (ETFs) pulling in roughly US$2.5 billion over the past month. The inflows have nearly offset earlier losses this year, marking a sharp reversal from the heavy outflows seen in February.

Notably, the demand has held steady even as Bitcoin trades significantly below its 2025 peak, signaling that large investors may be accumulating during periods of weakness rather than exiting positions.

Analysts point toward the growing role of ETFs as a preferred access point for regulated exposure without custody risks. The broader ETF market is also expanding rapidly, now accounting for a record share of overall trading volume.

NovaBay abandons pharma in crypto rebrand

NovaBay (NYSE:NBY) is exiting its pharmaceutical business entirely and rebranding as Stablecoin Development, implementing a full structural pivot into digital assets. The company revealed it now holds over 2 billion SKY tokens — worth roughly US$150 million and representing about 8.8 percent of total supply — acquired through both open-market purchases and a US$134 million private placement backed by crypto-focused investors.

Rather than relying on product sales or traditional revenue streams, the firm is positioning itself as an “onchain holding company,” betting on yield generation and governance influence within decentralized finance ecosystems.

Shares jumped nearly 20 percent on the news, though the stock remains down more than 95 percent year-on-year.

Ondo Finance, Franklin Templeton expand partnership with new joint venture

Ondo Finance and Franklin Templeton have announced a joint incentive to offer Franklin Templeton's traditional investment products directly to onchain users through Ondo’s wallet-based platform, creating a new distribution channel for Franklin, while keeping its high institutional standards intact.

The firms will also launch educational programs to teach onchain users about long-term investing and portfolio building, bridging traditional finance with digital strategies. This effort builds on an existing relationship between the two firms, with Ondo as a long-time client of BENJI and the Benji Technology Platform.

“We’re excited to have selected Franklin Templeton to bring new investment products onchain through Ondo Global Markets,” said Ondo Finance President Ian De Bode. “Franklin Templeton's institutional leadership in digital assets makes them a natural fit as we bring tokenised public equities and ETFs to wallet ecosystems globally.”

Bitget Wallet launches Onchain Payments Matrix

Bitget Wallet has launched the Onchain Payments Matrix, a global payment infrastructure designed to connect fragmented financial rails — blockchains, stablecoin issuers, card networks, liquidity providers, banks and merchants — and enable stablecoin payments for everyday consumer use and emerging agentic economic activity.

According to a press release, integrations include Ripple, Mastercard (NYSE:MA), Visa (NYSE:V), Tether, Circle and MoonPay, along with regional banking and payment partners.

The company views this infrastructure as the “coordinating layer” for the emerging stablecoin payment ecosystem.

“Stablecoins are becoming foundational to how value moves globally, but scale alone does not create usability,” said Alvin Kan, COO of Bitget Wallet. “What the industry has lacked is an infrastructure layer that aggregates fragmented rails and abstracts blockchain complexity at the user and merchant interface. That is why we built the Onchain Payments Matrix, not a pilot, not a partner program, but a live engine connecting banks, blockchains, and payment networks so stablecoins can operate as practical money and serve as the settlement layer for an emerging agent-enabled economy.”

Bitget Wallet plans to expand integrations with global settlement networks, banks and stablecoin issuers, and is advancing development on programmable payment infrastructure for artificial intelligence agents.