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    Crypto

    Markets Tumble: Crypto and Equities Plunge as Oil Spikes Above $100

    Oliver DaleBy Oliver DaleMarch 28, 2026
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    Contents:

    Toggle
    • Key Highlights
    • Cryptocurrency Sector Developments Influencing Trading
    • Policy and Regulatory Developments

    Key Highlights

    • Bitcoin declined from $75,000 to $66,000 over the week; Ethereum slipped beneath the critical $2,000 threshold
    • Major U.S. equity benchmarks moved into correction territory, with the S&P 500 recording its most extended slide since 2022
    • Crude oil prices climbed beyond $100 per barrel amid escalating Middle East tensions, triggering risk aversion among investors
    • Coinbase unveiled crypto-collateralized home loans, while Tether engaged KPMG for comprehensive financial review
    • David Sacks departed his position as White House Crypto Czar following a year of service

    Financial markets experienced substantial turbulence throughout the week. Digital currencies and equities underwent steep declines as crude prices climbed and traders abandoned riskier holdings.

    [[LINK_START_2]]Bitcoin[[LINK_END_2]] retreated from a weekly peak of $75,000 to reach $66,000 by Friday, March 27. Ethereum descended below the $2,000 level, a significant threshold closely monitored by market participants.

    Bitcoin (BTC) Price
    Bitcoin (BTC) Price

    Solana and XRP similarly concluded the week with significant losses. The wider digital asset sector mirrored the downturn in traditional markets as anxiety permeated trading activity.

    Regarding equities, the S&P 500 registered its fifth consecutive weekly decline, marking its most prolonged downturn since 2022. The Dow Jones Industrial Average crossed into correction phase, dropping more than 10% from recent peaks.

    E-Mini S&P 500 Jun 26 (ES=F)
    E-Mini S&P 500 Jun 26 (ES=F)

    The Nasdaq tumbled 2.1% on Friday exclusively, deepening its correction phase. The “Magnificent Seven” technology giants witnessed over $330 billion evaporate from their combined valuation in a single trading session.

    Oil emerged as a primary catalyst behind the widespread selloff. Brent crude exceeded $106 per barrel while West Texas Intermediate surpassed $100, as hostilities throughout the Middle East intensified concerns about prolonged conflict extending into April.

    President Trump granted Iran an additional 10 days, moving the deadline to April 6 for the nation to satisfy U.S. requirements or face attacks on energy infrastructure. Trading sentiment remained volatile despite the temporary reprieve.

    Cryptocurrency Sector Developments Influencing Trading

    [[LINK_START_6]]Coinbase[[LINK_END_6]] revealed plans to provide cryptocurrency-collateralized home financing across the United States. The platform has partnered with Better Home & Finance to enable homebuyers to leverage Bitcoin for down payments, with the initiative receiving government support.

    Stablecoin provider Tether enlisted accounting giant KPMG to conduct an independent examination of its $185 billion USDT stablecoin reserves. This engagement represents Tether’s broader strategy to establish stronger presence in American markets. Circle Internet Group shares tumbled 24% for the week following the announcement.

    Intercontinental Exchange, the corporation overseeing the New York Stock Exchange, committed $600 million to prediction platform Polymarket. This investment provides Polymarket resources for growth as established financial institutions enter the prediction market sector.

    Policy and Regulatory Developments

    David Sacks concluded his tenure as White House Crypto Czar following twelve months in the position. Sacks guided initial White House cryptocurrency initiatives, including the GENIUS Act’s passage, and has transitioned to the President’s Council of Advisors on Science and Technology. His successor remains unnamed.

    Prediction platform Kalshi experienced a valuation surge to $22 billion during its most recent capital raise, doubling from $11 billion in December. This funding round occurred as Arizona prosecutors filed 20 criminal charges against Kalshi, alleging unlawful gambling operations.

    Approximately $15 billion worth of Bitcoin options contracts reached expiration on Deribit on March 27, accounting for 40% of aggregate open interest on the platform. A comparable $19 billion expiration event last September coincided with the beginning of Bitcoin’s ongoing decline, which has now extended to 40% from October highs.

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    Oliver Dale
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    Editor-in-Chief of Computing.net and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com

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