Bitcoin slips to $72.3k as the Strait of Hormuz conflict spikes oil, U.S. 
inflation runs hot, and traders slash Fed cut bets, pressuring crypto and 
stocks. Cryptocurrency markets came under sharp pressure on Wednesday as two 
converging macro forces —…

Bitcoin slides to $72,300 as Hormuz conflict and hot inflation hit risk assets

Crypto just suffered its first major electoral setback of the 2026 cycle in 
deep‑blue Illinois, where Lieutenant Governor Juliana Stratton beat pro‑crypto 
Representative Raja Krishnamoorthi in the Democratic Senate primary, NBC News 
reports. Related Reading: Crypto Rails Go Mainstream — Inside Mastercard’s 
Bold $1.8 Billion BVNK Acquisition An Electoral Crypto Loss Fairshake, the 
industry‑backed super political action committee (PAC), poured almost $10 
million into ads attacking Stratton as anti‑innovation, but local political 
muscle, including Governor JB Pritzker’s endorsement and millions in support, 
proved stronger than crypto money this time. In a state this blue, Stratton’s 
primary win all but guarantees her a Senate seat in November, turning the race 
into a warning shot for the digital assets lobby ahead of the 2026 midterms. 
Fairshake, funded by giants like Coinbase and Ripple as well as venture 
capital heavyweights Marc Andreessen and Ben Horowitz, entered Illinois with 
more than $191 million in cash and a broader $221 million war chest for this 
election cycle. The PAC and its affiliate Protect Progress spent heavily in 
multiple Illinois House primaries, often on the side of more centrist or 
business‑friendly Democrats against progressives Candidates such as Melissa 
Bean and Nikki Budzinski appeared in races where crypto‑aligned super PAC 
money was present, though it is hard to show Fairshake was uniquely decisive 
in “electing” them rather than being one of several big spenders. Fairshake 
publicly frames its mission as defending “American innovation” and “consumer 
choice” in financial services, and it has signaled it plans to stay active 
through 2026 and beyond. Related Reading: Crypto Payments Are Going 
Mainstream: Can Tourists Turn Into Daily Users In South Korea? What This Means 
For Traders Short term, this defeat is unlikely to move prices by itself, but 
it adds a layer of policy uncertainty for 2026 that could resurface as 
volatility around key primary dates, especially if Fairshake reallocates more 
of its $221 million war chest into tighter, more winnable races. Regulatory 
and legislative outcomes around stablecoins, market structure, and 
crypto‑friendly bills like the GENIUS Act and Clarity Act will remain highly 
political and uneven across states, rather than following a straight, 
pro‑industry trajectory. In the moment of writing, BTC’s trades for $72k. 
Source: BTCUSDT on Tradingview Cover image from Perplexity, BTCUSDT chart from 
Tradingview

Crypto Lobby Loses Key Illinois Race Yet Keeps $221M Firepower For Midterms

Ethereum is showing renewed strength as the market tests key resistance levels 
following a prolonged period of downward pressure and consolidation. The 
recent price action suggests that buyers are gradually regaining control, with 
ETH attempting to build momentum as traders evaluate whether the current move 
can evolve into a broader recovery. Related Reading: Ethereum Whales Step In: 
$33M ETH Withdrawn From Exchanges In Hours While spot price action reflects 
improving sentiment, derivatives data points to deeper structural changes 
taking place beneath the surface. According to CryptoQuant analyst Arab Chain, 
the ETH Open Interest 30-day change indicator reveals a clear shift in how 
traders are positioning across major platforms. The data highlights a 
divergence in open interest flows, suggesting that liquidity is not leaving 
the market but rather being redistributed. On Binance, open interest has 
increased by approximately 11,400 ETH, indicating continued inflows of capital 
despite recent volatility. At the same time, Bybit recorded a substantial rise 
of around 2.51 million ETH, reinforcing the view that traders are actively re- 
engaging with the derivatives market. This pattern suggests that participants 
are selectively rebuilding exposure rather than exiting positions entirely. 
For analysts, such behavior often reflects a transitional phase, where 
confidence begins to return, and liquidity concentrates on key platforms, 
potentially setting the stage for stronger directional moves. Open Interest 
Divergence Reflects Market Repositioning CryptoQuant analyst Arab Chain notes 
that not all platforms are seeing the same level of activity, highlighting a 
clear divergence across the Ethereum derivatives landscape. While Binance and 
Bybit have recorded strong inflows, Bitfinex, Kraken, and Gate.io have shown 
weaker performance, with either limited growth or outright declines in open 
interest. According to the data, Bitfinex saw a decrease of approximately 
35,700 ETH, while Kraken recorded a drop of around 4,300 ETH. Gate.io, 
meanwhile, showed relatively muted activity compared to other major exchanges. 
These figures suggest that some segments of the market remain cautious, with 
traders reducing exposure or avoiding aggressive positioning in the current 
environment. From a structural perspective, this divergence points to a market 
in transition rather than one in decline. While some participants are closing 
positions to manage risk, others are selectively increasing exposure on 
platforms where liquidity and opportunity appear more favorable. This type of 
redistribution often precedes stronger directional moves, as capital 
consolidates in specific venues and trading strategies evolve. Importantly, 
the overall trend in open interest remains supportive. Sustained or rising 
open interest indicates that liquidity continues to flow into the derivatives 
market, reinforcing the stability of Ethereum’s uptrend and suggesting that 
traders are increasingly confident in maintaining their positions as momentum 
builds. Related Reading: XRP Liquidity Builds on Binance – What The 2.78B 
Reserve Spike Means Ethereum Faces Key Resistance After Rebound From 
Capitulation Lows The Ethereum daily chart shows the asset attempting to 
extend its recovery after the sharp capitulation event that occurred in early 
February. ETH is currently trading around $2,330, having rebounded from lows 
near the $1,800 level, where a significant spike in volume signaled aggressive 
buyer absorption. Following that low, Ethereum established a base between 
$1,900 and $2,100, forming a consolidation range before breaking higher. The 
recent move has allowed ETH to reclaim the short-term moving average, which 
had acted as persistent resistance during the downtrend. This shift suggests 
that short-term momentum is now favoring buyers, at least in the near term. 
Related Reading: XRP Supply Tightens On Binance As Scarcity Index Signals 
Limited Liquidity However, the broader structure remains mixed. Price is still 
trading below the 100-day and 200-day moving averages, both of which continue 
to slope downward. This indicates that the recovery is still developing within 
a larger corrective framework rather than confirming a full trend reversal. 
The $2,300–$2,400 region now stands as a critical resistance zone. This level 
aligns with previous support that broke during the February selloff, making it 
a likely area of supply. If Ethereum can sustain acceptance above this range, 
the next upside targets could emerge near $2,700 and $3,000. Otherwise, 
rejection here may lead to renewed consolidation below resistance. Featured 
image from ChatGPT, chart from TradingView.com

Ethereum Holds Above $2,300 As Open Interest Expansion Reinforces Uptrend Stability

Hyperliquid price rallied over 20% in the past seven days, reclaiming $40 as 
support, driven by record commodities trading activity on its perpetual 
futures markets. According to data from crypto.news, Hyperliquid (HYPE) price 
rallied 22% to a four-month high of…

Can Hyperliquid price surge past $50 as commodity perps drive record volume?

Inflation just kicked the door in, and February’s Producer Price Index is the 
kind of uninvited guest the Federal Reserve definitely did not RSVP for. U.S. 
Wholesale Prices Jump, Reinforcing Higher-for-Longer Rate Narrative Wholesale 
prices rose 0.7% in February, nearly double expectations and a not-so-subtle 
reminder that inflation still has a pulse — and apparently […]

Cryptocurrency price in BTC