Crypto markets weakened on Friday as traders refocused on rising Treasury yields rather than crude. Bitcoin fell back below $69,000 while ether also declined, with the U.S. 10-year yield hovering around 4.42% and hopes of near-term Iran de-escalation fading.

Kalshi received regulatory clearance to introduce margin trading after affiliate Kinetic Markets LLC was registered as a futures commission merchant with the National Futures Association on March 24, 2026. The change moves Kalshi beyond its 100% collateral model and is expected to open margin access to institutions first, with no launch date announced.

Circle shares fell 20% on Tuesday after reports that a draft CLARITY Act could limit certain stablecoin reward structures, while Bernstein argued the sell-off may be mispriced. Separately, Deloitte Canada and Stablecorp said they are working to integrate the Canadian dollar–pegged stablecoin QCAD into bank payment and settlement flows, as Canada moves toward a formal framework for fiat-backed digital assets.

California Gov. Gavin Newsom signed an executive order on Friday that immediately prohibits state officials and gubernatorial appointees from using non-public information to profit on prediction market platforms or to help others do so. In Washington, lawmakers introduced the PREDICT Act earlier this week to bar members of Congress, federal officials and their families from trading certain political and government-related event contracts, with penalties including forfeiting profits and an added 10% fine.

On March 27, 2026, David Sacks stepped down as the White House AI and Crypto Czar after reaching the role's 130-day limit, and moved to co-chair PCAST with Michael Kratsios. Unfinished items include the CLARITY Act's Senate path and the operational future of a strategic Bitcoin reserve created by executive order. Bitcoin traded around $66,000, down roughly 4% over the past 24 hours, as broader macro and geopolitical factors also weighed on sentiment.

Iran rejected a U.S.-brokered 15-point ceasefire framework, helping lift Brent crude above $108 per barrel and weighing on global equities. The proposal was sent via Pakistani intermediaries on or around March 24, while President Trump said he would pause energy-plant destruction for 10 days until Monday, April 6, 2026 at 8 p.m. Eastern Time. By Friday afternoon, Brent traded near $104–$106 after the spike, WTI neared $95, and U.S. indexes were sharply lower.

Bitcoin and Ethereum have stayed in a tight range for more than 50 days, but derivatives positioning accelerated in the third week of March. On March 16, combined BTC and ETH perpetual-futures open interest rose to about $30 billion, the highest level since late January. The move included BTC open interest at $23 billion and ETH nearing $16 billion, alongside a weekly surge concentrated on Binance.

On Thursday, crypto ETFs stayed under pressure, led by $171.22 million in net outflows from bitcoin ETFs while ether ETFs logged their seventh straight day of redemptions at $92.54 million. Blackrock’s IBIT saw $41.92 million leave, and ETHA recorded a $140.24 million exit even as ETHB brought in $96.81 million. Solana ETFs slipped by $1.04 million, while XRP ETFs showed no trading activity with assets unchanged at $949.15 million.