Crypto and financial markets faced major volatility due to escalating tensions between the U.S. and Iran. Over the weekend, Donald Trump threatened strikes on Iranian power plants unless the Strait of Hormuz was reopened, causing Bitcoin to plummet to below $68,500 and the Fear and Greed Index to hit “Extreme fear.” With Trump delaying action by five days, Bitcoin rebounded $2,000 to $70,800, ETH rose 5%, the Dow jumped 1,000 points, and oil prices dropped 8%. The situation remains tense and unresolved. U.S. lawmakers reportedly reached a deal to prohibit passive yield on stablecoin holdings, while activity-based rewards appear likely to remain. This cleared the main obstacle to the Clarity Act, raising its passage odds for 2026 to about 70%. Hyperliquid’s S&P 500 perpetual futures, launched last week, quickly exceeded $100 million in daily volume, ranking among its most traded markets alongside crypto, oil, and precious metals. Eightco Holdings increased its OpenAI exposure to $90 million, over 30% of its treasury, after raising $125 million from firms including BitMine and Ark Invest. Eightco now also holds nearly 10% of all WLD tokens and 11,000 ETH. Gemini faces a class action suit for allegedly failing to disclose a strategic shift away from its exchange business before its IPO; the company is down 85% since listing.