Bitcoin hashrate falls after Iran conflict, HOOD down 16%: Month in charts
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Yields for five-year US Treasury bonds are up 4%, putting a damper on Bitcoin price, which has ended the month much where it started.
This month, Bitcoin’s hashrate fell 6% after the US and Israel attacked Iran, highlighting Iran’s significant crypto mining activity.
Bitcoin price, meanwhile, remains lackluster. Higher 4% yields on US Treasury bonds have added pressure, and investors are seeking less risky prospects amid geopolitical tension.
Less appetite for crypto trading has proven problematic for Robinhood. The trading platform’s stock is down 16% on the month, and leadership has announced a stock buyback program.
Prediction markets marked a record number of transactions, representing a more than 2,800% increase since this time last year.
Yields on five-year US Treasury bonds are up 4% in March, putting pressure on Bitcoin price. While showing some gains in mid March, the asset ended the month much where it started, around $67,000.
As per an analysis from Cointelegraph, fears of a drawn-out conflict between the US and Israel against Iran have led investors to cut out risk. A sell-off in bonds, along with a nine-month high of 4% in yields, suggests that traders are building cash positions.
On Feb. 28, the United States and Israel launched a joint special military operation in Iran called “Operation Epic Fury.” One month later, the Bitcoin (BTC) hashrate is down almost 6%.
Bloomberg crypto and digital assets strategist Dushyant Shahrawat said in a recent interview that Iran is one of the world’s largest Bitcoin miners, accounting for some 6-8% of global hashrate, and 70% of mining activities are conducted by the military.
Disruptions to the country’s energy infrastructure and diversion of military priorities to defense have thus hit Iran’s ability to mine Bitcoin.
Transactions on prediction markets like Polymarket and Kalshi topped 192 million in March. That represents a 24% increase from last month and a 2,880% increase compared to the same time last year, according to Dune analytics.
Related: Lawmakers push another bill to curb prediction market insider trading
Prediction markets are growing in popularity, but in the United States, they face state regulators who say they facilitate a form of gambling. At least 11 states have taken legal action against them.
On March 20, Carson City District Court Judge Jason Woodbury upheld a regulator’s move to temporarily ban prediction market Kalshi in Nevada.
Arizona has brought criminal charges against Kalshi for allegedly “running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law."
Other states like Utah and Pennsylvania are currently considering legislation that would bring prediction markets under state gambling or gaming laws. Kalshi says that it answers only to federal regulation under the Commodity Futures Exchange Commission (CFTC).
Stablecoins backed by the euro have emerged as a favorite alternative to assets backed by US dollars. Some 85% of non-dollar stablecoin volumes occur in euros, according to a March report from Dune.
While euro-denominated coins initially only represented some 50-70% of the non-dollar market, they began expanding significantly in 2024. Now they represent 85% of total transferred volume. Euro stablecoins are also dominant in regard to participation, with user share rising to over 78%.Dune attributes this increase to more confidence in stablecoins among institutions, thanks in large part to the Markets in Crypto-Assets regulatory package (MiCA).
Robinhood stock has decreased over 16% in March, from nearly $80 to $66 as of publishing time.
The stock and crypto trading company’s share price has been struggling in recent months. Over the last six months, it dropped over 50%. Uncertainty over the regulation of new verticals like prediction markets and social trading, along with a collapse in crypto trading revenues are creating structural obstacles for the company.
Revenue from crypto transactions reportedly dropped 38% year-over-year as of Q4 2025. Crypto app volumes dropped 58%.
To address the problem, Robinhood has approved a $1.5 billion share buyback program in March, which will execute over the next three years.
Amid a lackluster price action on the month, Strategy’s Bitcoin portfolio is at an 11% loss. The average cost of Bitcoin in its portfolio is $75,669. Bitcoin is trading around $67,800 at publishing time.
Still, the company has continued its regular Bitcoin purchases. It made two this month: one for 17,994 Bitcoin on March 9 and another for 22,337 Bitcoin on March 16, amounting to roughly $2.7 billion at publishing time.
The software company has financed most of its Bitcoin purchases through high-yield stock offerings, like Stretch (STRC). This allows the company to buy Bitcoin without diluting its MSTR common shares.
The company’s chair, Bitcoin bull Michael Saylor, said recently that 80% of STRC buyers are retail investors. “Retail investors prefer low-volatility, high-yield digital credit,” he said.
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Source: CoinTelegraph
