Cryptocurrency markets experienced significant volatility over the weekend as geopolitical tensions escalated sharply. The United States and Israel launched a joint military strike on Iran, with President Trump calling for the overthrow of the Iranian government. Iran retaliated with attacks on Israel and Gulf nations, including Qatar, the United Arab Emirates, and Bahrain.
This geopolitical uncertainty drove a sharp move in asset prices. Bitcoin (BTC) slid toward $66,000 by the end of last week and briefly dropped to a low of $63,062 on the news of explosions in Tehran, before recovering to around $66,201. Similarly, Ethereum (ETH) dropped to $1,837 during the volatility spike before recovering to $1,940. Traditional markets also fell, with the S&P 500, Nasdaq 100, and Dow Jones all closing lower for the week. Gold, a traditional safe haven, rose to $2,596 per ounce, while oil climbed to $67.29 a barrel.
Market attention now pivots to key economic data. The February U.S. jobs report is due on Friday, March 6th. The January report showed employers added 130,000 jobs—more than double economists' forecasts—though earlier months were revised downward, revealing weaker hiring in 2025 than initially reported. The Federal Reserve is currently holding its benchmark interest rate in the 3.5% to 3.75% range. Markets are watching for any sign of labor market cooling, with an unemployment rate near 4.4% expected. A weaker number could revive discussions about potential rate cuts in March or May.
In other significant crypto news, federal authorities arrested Christopher Alexander Delgado, the 34-year-old founder and CEO of Goliath Ventures, on charges related to an alleged $328 million cryptocurrency Ponzi scheme. The Department of Justice took Delgado into custody in Florida on charges of wire fraud and money laundering.
Additionally, MetaMask, in partnership with Mastercard, has officially launched its self-custodial crypto payment card across the United States, now available in 49 states including New York for the first time.