Crypto Weakens, US Yields Rise, and Iran Headlines Eroding Risk Appetite
Bitcoin weakened on Friday (March 27), extending this week's pressure, as risk aversion related to the Iran war and anticipation of the expiry of approximately $14 billion worth of Bitcoin options kept market participants on the defensive. Bitcoin was last at $65,811, down about 5.2% on the day.
In addition to geopolitical factors, the market also responded to a four-week streak of rising US Treasury yields, with the 10-year yield reportedly hovering around 4.44%, prompting a reassessment of the interest rate path and dampening interest in speculative assets. On the geopolitical front, conflicting signals from Washington and Tehran regarding the prospects for a ceasefire kept risk appetite fragile, despite Trump extending the deadline for attacks on Iranian energy facilities and claiming negotiations were underway.
Option expiries (particularly on Deribit) are in focus as the market monitors potential price swings before and after expiry. The material also mentions an estimated "maximum pain" of around $75,000, while reduced hedging activity post-rollover could potentially make Bitcoin more sensitive to external shocks.
Altcoins also weakened. Ethereum fell and was last at $1,976 (around -4.7%). XRP was around $1.34, Dogecoin $0.08997, Solana $83.02, Cardano $0.247, and BNB around $606–$611.
Source: Newsmaker.id
