Bitcoin Falls 3.6% on Iran Fears
Crypto markets are tumbling as oil surges and after U.S. President Donald Trump's primetime address in which he threatened to hit Iran "extremely hard". Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN FALLS ON IRAN FEARS:Bitcoindropped on Thursday following indications by Trump that he would intensify strikes against Iran in coming weeks, reducing optimism regarding a rapid end to the war and sending risk assets lower, Bloomberg's Suvashree Ghosh, Sidhartha Shukla and Melos Ambaye reported. Digital assets fell across the board with bitcoin dropping as much as 3.6%, Etherfalling as much as 5.7% and Solanasinking by a similar magnitude.GENIUS GROUP SELLS ENTIRE BITCOIN TREASURY:Along with its Q1 earnings, Genius Groupannounced it has restructured its debt agreements,and repaying in full the company's $8.5M in debt. The company said it will recommence building its Bitcoin Treasury when it believes market conditions are more favorable.BITGO LAUNCHES BITGO MINT:BitGo Holdingsannounced thea new capability within the BitGo platform that gives institutional clients a single destination to mint, redeem, and manage supported stablecoins and other digital assets. At launch, BitGo Mint supports minting and redemption for USD1 and SoFiUSD, both of which are supported by BitGo's Stablecoin-as-a-Service offering. "Institutional clients want digital asset infrastructure that is operationally efficient, scalable, and built for control," said Mike Belshe, CEO. "BitGo Mint brings minting and redemption into a unified institutional workflow, helping clients reduce operational complexity while operating within the platform they already use for digital asset operations. Stablecoins have become increasingly crucial, and BitGo Mint gives institutions the control and efficiency they need to operate at scale."SOFI LAUNCHES BIG BUSINESS BANKING:SoFi Technologiesannounced thea new offering that gives enterprise partners the ability to manage both fiat and crypto banking from a single, nationally chartered bank. Over the last year, SoFi has enabled members to buy, sell and hold crypto, launched SoFiUSD, and built the regulated infrastructure connecting traditional and on-chain finance. Big Business Banking brings it all together, enabling any company operating across both traditional and digital finance to hold deposits, move money and settle transactions 24/7 within SoFi's regulated banking platform. "To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week, while legacy banks typically still operate 9 to 5, Monday to Friday," said Anthony Noto, CEO. "SoFi Big Business Banking is changing that by combining the strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility companies need to move and manage money or digital assets in real time."BIT DIGITAL PRICE TARGET LOWERED:B. Riley lowered the firm's price target on Bit Digitaltoon the shares. Bit Digital reported FY25 results showing ETH staking revenue of $7M, up from $1.8M in 2024, reflecting its shift to a strategic asset company model focused on ETH as a productive asset and AI infrastructure exposure via majority-owned WhiteFiber, the analyst tells said. Management emphasized building durable cash flow through staking to grow ETH per share and signaled potential M&A to add counter-cyclical cash flow, with agentic AI highlighted as a possible target area, the firm said.BITFARMS PRICE TARGET LOWERED:Alliance Global lowered the firm's price target on Bitfarmstoon the shares. Bitfarms recently announced the completion of its previously announced redomiciliation from Canada to the United States and noted that Keel Infrastructure, now the ultimate parent corporation of Bitfarms, is expected to begin trading on the Nasdaq and the Toronto Stock Exchange under the tickerat the opening of trading on April 6 in substitution for the Bitfarms shares. The company is in the process of receiving the necessary permits to move forward with its three primary HPC/AI projects and is winding down its bitcoin mining operations, the analyst noted. The firm expects finalization of permits on its HPC/AI sites will be the next catalyst.PRICE ACTION:As of time of writing, bitcoin was trading at $66,787, while ether was trading at $2,053, according to price data from TipRanks.
