Oil Spikes as Bitcoin Takes a Hit from US-Iran War 🧨

Coinigy Team

02 Mar 2026 • 3 min read

Well, we did see that coming…. I mean, we saw another Bitcoin rally coming on Sunday, and it seemed like a Disney tale with a happy ending, to be honest, but that was short-lived as traditional markets woke up Monday morning and said "not so fast." This was an absolute reality check, guys.

Meanwhile, Terraform's ghost has come back to haunt Jane Street and it's bringing receipts from the grave while hodlers are feeling it across the entire market cap with geopolitical drama hitting different this time. The U.S.-Iran tension just sent oil soaring, and crypto is scrambling to find support levels. The correlation trade has never been more real.

Here are the Highlights:

Bitcoin, cryptos under pressure as oil spikes 6% and global markets price in U.S.-Iran conflict
Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations
South Korea’s tax office leaks wallet seed and loses $4.8M in seized tokens
Terraform Estate Sues Jane Street Over Trades Tied to 2022 Crypto Market Collapse

Bitcoin, Cryptos Under Pressure as Oil Spikes 6% and Global Markets Price in u.s.-Iran Conflict

A brief Sunday rally didn't survive contact with Monday. Bitcoin slid to $66,702 in early Monday trading, down 1.1% over the past 24 hours, as traditional markets reopened and began pricing the U.S.-Iran conflict that crypto had been trading in isolation since Saturday. Sunday's bounce to $68,000 on the Khamenei confirmation has now been mostly unwound, with the market settling back into the mid-$66,000 range that preceded the strikes. The broader crypto picture was mixed. Ether fell 2.5% to $1,967, solana dropped 4.1% to $84, and XRP lost 3.6% to $1.36.

Terraform Estate Sues Jane Street Over Trades Tied to 2022 Crypto Market Collapse

The Terraform Labs bankruptcy administrator has sued Jane Street, alleging the quantitative trading firm used non-public information to profit at the height of the crypto market’s collapse in 2022. The lawsuit centers on allegations that Jane Street obtained advance insight into Terraform’s internal liquidity decisions and positioned trades around those moves as TerraUSD began to lose its dollar peg, according to a report from The Wall Street Journal on Monday.

Senate Democrats Press DOJ, Treasury to Probe Binance Over Trump Ties, Iran Sanctions Allegations

Eleven Democrats on the U.S. Senate Banking, Housing, and Urban Affairs Committee are pressing the Trump administration to investigate Binance over allegations that the exchange facilitated illicit finance activity tied to Iran and may be violating its 2023 federal settlement. In a letter sent Friday to Attorney General Pam Bondi and Treasury Secretary Scott Bessent, the senators urged the Justice Department and Treasury to conduct a “prompt, comprehensive review” of Binance’s sanctions compliance controls.

South Korea’s Tax Office Leaks Wallet Seed and Loses $4.8m in Seized Tokens

South Korea’s National Tax Service (NTS) accidentally exposed a crypto wallet seed phrase in an official press release on Thursday, leading to a loss of 4 million PRTG (Pre‑Retogeum) tokens worth about $4.8 million from the address, according to local media reports. According to multiple Korean media reports on local sites Naver, Chosun and others, the press release related to the National Tax Service’s enforcement campaign against tax delinquents and seizures that the authorities had carried out.

Other Highlights Worth Mentioning

SoFi Becomes First US Chartered Bank to Support Solana Deposits - Be in Crypto

Trump Brothers' American Bitcoin Mining Firm Reports $59 Million Q4 Loss - Decrypt

Indiana Approves Bitcoin Investments in Public Retirement Plans - Bitcoin Magazine

Polymarket attracts record trading 'world' volumes as U.S.-Iran bets top $529 million - Coindesk

COINIGY FACT OF THE DAY

On this day in 2025, the U.S. crypto “Strategic Reserve” announcement sparked a market rally

On March 2, 2025, U.S. President Donald Trump announced on social media that the United States would establish a cryptocurrency strategic reserve including Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). This unexpected policy shift sent prices for major digital assets sharply higher that day as markets reacted to increased institutional and regulatory support signals for the sector.