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BTC reels following hot February PPI and jump in oil

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BTC reels following hot February PPI and jump in oil

Quiet bitcoin BTC$72,369.88 price action in the $74,000 area was shattered Wednesday morning on reports of military escalation in Iran and then February inflation data that came in far stronger than expected.

The declines started as U.S. President Donald Trump struck a more aggressive tone on Iran, suggesting further escalation in a series of Truth Social posts and calling the country the “NUMBER ONE STATE SPONSOR OF TERROR.”

Alongside, Iran’s state TV reported that part of that country’s South Pars gas field was attacked.

This followed reports that Israel killed Iran’s Intelligence Minister Esmail Khatib, while the U.S. deployed 5,000-pound bunker-buster bombs targeting missile sites near the Strait of Hormuz, a key route for global oil flows.

That news combined to send the price of WTI crude oil from as low as $92 per barrel overnight to nearly $96.

Minutes later, the U.S. Producer Price Index for February rose 0.7% versus just 0.3% expected and up from January’s 0.5%. The core PPI rose 0.5% versus 0.3% expected, though down from January’s 0.8%. Importantly, the disturbing inflation data is from prior to the attacks against Iran and the subsequent sharp rise in the price of oil.

The data complicates the outlook for rate cuts, especially with oil prices still elevated, and is weighing on risk assets ahead of the U.S. stock market open.

Bitcoin has now fallen to $72,300, down 2% over the past 24 hours. Declines for ether (ETH), solana (SOL) and XRP (XRP) are closer to 3%. U.S. stock index futures have swung from solid gains to declines of about 0.4% across the board.

Precious metals are also being caught up in the selloff, with gold quickly sliding 2.5% to $4,885 per ounce.

Fed comes later

Later in the day, the U.S. Federal Reserve is widely expected to hold rates steady, shifting the focus to Chair Jerome Powell’s messaging and how policymakers interpret the recent mix of growth risks and inflation pressures. Trump once again renewed calls for rate cuts in a Wednesday post, adding a political dimension to the meeting.

Executive turnover clouds crypto payments firm RedotPay’s $4 billion U.S. IPO ambitions

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Executive turnover clouds crypto payments firm RedotPay’s $4 billion U.S. IPO ambitions

RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal strain and executive turnover as it seeks up to $150 million in fresh funding and works toward a U.S. IPO that could value the company at more than $4 billion.

Those ambitions are being clouded by executive turnover. At least five senior hires left within 12 months, and the company is pursuing its listing plans without a chief financial officer. Staff, according to a Bloomberg report, have often been asked to work late for extended periods.

The fundraising talks come only months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors, but does not face pressure to raise funds because of strong cash flow, Bloomberg said.

The company has grown fast. Investor materials show annualized payment volume passed $10 billion in December, while revenue doubled to $158 million. RedotPay says it now serves more than 6 million users in over 100 countries.

Its main product is a stablecoin payments app linked to a Visa card. Users can store stablecoins in the app and spend them at merchants or online, while the platform also offers remittance services and yield on some holdings.

Why March 31 Is An Important Date For XRP Holders In Japan

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Why March 31 Is An Important Date For XRP Holders In Japan

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

March 31, 2026, has become a key date for XRP holders, as SBI ARUHI, Japan’s largest mortgage lender under the SBI Group, introduces a new shareholder perk. According to reports, shareholders will be eligible to receive rewards, with XRP as the form of payment. The company has provided details on the amount of XRP awarded, the eligibility criteria for shareholders, and the procedures for claiming the benefits.

SBI ARUHI Adds XRP To Shareholder Benefits

SBI ARUHI is rolling out a new initiative for XRP holders that will officially take effect on Tuesday, March 31. Prominent market analysts Xaif Crypto and ChartNerd highlighted developments on X, emphasizing that XRP’s real-world dominance is surging in Japan and questioning whether the cryptocurrency’s mainstream adoption could be imminent in the country. 

The announcement was made following a board of directors meeting on March 12, where the company resolved to implement shareholder benefits aimed at rewarding investors while strengthening long-term relationships. The move builds on SBI ARUHI’s existing tradition of returning profits to investors through year-end and interim dividends, now extending it to cryptocurrency by offering XRP as a benefit. 

By introducing XRP into its shareholder return strategy, the company aims to express appreciation for ongoing support, raise awareness of both SBI ARUHI and the SBI Group, and deepen investors’ understanding of blockchain technology and digital assets. The decision also highlights SBI Group’s close ties with XRP, dating back to the formation of SBI Ripple Asia and the financial company’s position as a major external shareholder in Ripple Labs. 

Notably, March 31 is an important date for XRP investors in Japan, as only SBI ARUHI shareholders listed in the company’s registry by that date will be eligible for XRP benefits. The initiative represents a significant integration of Japan’s finance sector with cryptocurrencies such as XRP. 

Shareholder Perk Details And Eligibility Criteria

In a press release on its official site, SBI ARUHI shared the full details of the perks and stated that shareholders must hold at least 100 shares to qualify for the XRP benefits. The amount of XRP to be received depends on the number of shares an investor owns and the holding period. 

Notably, investors holding between 100 and 999 shares are entitled to 500 yen in XRP, regardless of how long they have owned the shares. Those holding 1,000 shares or more can receive 500 yen worth of XRP if they have held for less than one year, or 1,000 yen if their holding period exceeds a year. 

According to the report, continuous holding for large shareholders is tracked using the registry dates of March 31, 2025, September 30, 2025, and March 31, 2026. Furthermore, any changes in the shareholder number can affect eligibility.

SBI ARUHI has informed recipients to open a personal trading account with SBI VC Trade to claim XRP rewards. The company will also send a detailed Shareholder Benefit Guide by mid-June outlining the full application process. 

XRP price chart from Tradingview.com
Bears put up a fight against uptrend | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Crypto loses Illinois Senate vote but Fairshake Super PAC vows to fight on with $221m war chest ahead of 2026 midterms – DL News

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Crypto loses Illinois Senate vote but Fairshake Super PAC vows to fight on with $221m war chest ahead of 2026 midterms – DL News

  • Stratton defeats pro-crypto Krishnamoorthi in Illinois Democratic Senate primary.
  • Crypto has a a $221 million war chest to deploy in the 2026 election cycle.

Voters have handed pro-crypto politicians the first setback in the 2026 elections.

Illinois Lieutenant Governor Juliana Stratton defeated pro-crypto Representative Raja Krishnamoorthi in the Democratic Senate primary on Tuesday, despite industry super public accounts committee Fairshake spending nearly $10 million to oppose her.

In deep-blue territory Illinois, that primary victory all but guarantees Stratton a Senate seat in November. For crypto’s political machine, which boasted near-perfect results in 2024, the result is a setback.

Stratton, endorsed and financially supported by the state’s governor JB Pritzker, prevailed in a contest that became a referendum on outside influence as much as policy as corporate donations became a hot-button issue.

Her victory also reflects the counterweight of local political machinery and clout. Pritzker endorsed her within a day of her entry into the race and contributed at least $5 million to a super PAC backing her. He campaigned alongside her in Chicago’s South Side in the final stretch. The race doubled as a test of his influence as he is said to be eying a potential 2028 presidential bid.

Stratton’s office did not immediately reply to a request for comment from DL News about her stance on the digital assets industry.

The Illinois vote came as crypto is increasingly becoming a crucial element in the 2026 election cycle. Not only has the industry already deployed $271 million into votes this year, according to donations data tracked by crypto researcher Molly White, but Democrats increasingly attack President Donald Trump over his links to the crypto industry.

‘Tough fights’

The industry still notched big wins on Tuesday. Fairshake-backed candidates Donna Miller, Melissa Bean and Nikki Budzinski prevailed in House primaries.

The PAC invested roughly $560,000 to support Bean and under $84,000 for Budzinski, while spending around $800,000 opposing a rival in Illinois’ 2nd District, White’s data.

“We’re proud to take on tough fights at this critical moment for American innovation and consumers,” Fairshake spokesperson Geoff Vetter said in a statement, CoinDesk reported. “Tonight, Illinois voters have elected more pro-crypto members of Congress and we are just getting started in our nationwide fight for American innovation.”

The crypto industry has $221 million to spend in upcoming races this year, according to White’s data.

What’s fairshake?

Fairshake, backed by Coinbase, Ripple Labs and venture capital heavyweights Marc Andreessen and Ben Horowitz, attempted to steer the race with formidable firepower.

The PAC had more than $191 million in cash on hand at the end of January. In Illinois, it deployed almost $10 million in ads attacking Stratton, framing her as hostile to digital assets and innovation.

Still, the money was not enough. For crypto, the implications extend beyond Illinois.

The industry has become an increasingly powerful force in Washington. It has advocated for pro-crypto legislation such as the Genius Act and the Clarity Act as well as forregulatory clarity for digital assets and stablecoins. In 2024, it helped defeat vocal critic Senator Sherrod Brown in Ohio, a result Republicans openly credited to crypto-funded ads.

But the Illinois race also exposed friction inside the Democratic coalition. Stratton and her allies cast Fairshake’s spending as an attempt to “buy” a Senate seat. Senator Elizabeth Warren rallied for her, warning that Illinois would test whether crypto super PACs could shape midterms nationwide.

Senator Tammy Duckworth voiced concern about replacing retiring Senator Dick Durbin with someone “deeply compromised.”

Prior to the election, Krishnamoorthi rejected the notion that he would be beholden to the industry and highlighted his support for regulation that prevents fraud while allowing innovation.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.

Tally to Wind Down DAO Platform, Scraps Planned ICO

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Tally to Wind Down DAO Platform, Scraps Planned ICO

Decentralized autonomous organization (DAO) governance platform Tally is shutting down after five years of operations, citing a lack of sustainable business models for governance tooling in the crypto market. 

Tally co-founder and CEO Dennison Bertram said the company will begin winding down at the end of March. He added that the company is not moving forward with a planned initial coin offering (ICO), concluding that it could not confidently deliver on the expectations that would come with selling tokens to investors. 

Tally’s closure comes despite years of activity on its platform, which supported governance for hundreds of organizations and processed more than $1 billion in payments, according to Bertram. At its peak, the company said it helped secure up to $80 billion in value and served more than 1 million users.

Tally launched in 2021 as a software platform for on-chain organizations. According to startup intelligence platform Tracxn, the company raised a total of $15.5 million across three funding rounds. 

Related: Vitalik Buterin proposes using AI to strengthen DAO governance

The shutdown reflects the challenges facing DAO-focused platforms after years of development and adoption. It highlights the pace of change in the industry, where even substantial achievements may prove insufficient to support a venture-backed business in DAO governance tooling.

Source: Tally

Industry reflects on DAO challenges amid Tally shutdown

Following the announcement, builders and operators across the ecosystem pointed to a broader reassessment of DAO governance, with some describing Tally’s closure as part of a wider shift in how coordination tools are being developed and monetized. 

Oku Trade CEO Getty Hill said DAO development has not met the expectations set during earlier growth phases.

Related: DAOs may need to ditch decentralization to court institutions

“While stablecoins have achieved the greatest product-market fit in crypto, I still believe DAOs will ultimately get there, though maybe not for another 3-10 years,” he wrote. 

Meanwhile, Oasis Onchain founder Stefen Deleveaux described the shutdown as “the end of an era,” reflecting on a wave of early DAO tooling projects that emerged during the 2020–2021 cycle but struggled to sustain themselves over time.

Realms DAO chief technology officer Adrian Brzeziński pointed to the stats highlighted by Bertram, saying that the “hardest truth” in crypto infrastructure is that usage does not equate to revenue. “The next wave of governance won’t look like voting portals. It’ll look like capital coordination,” Brzeziński wrote. 

DAOs are “difficult” to operate

On March 11, Aave founder Stani Kulechov said DAOs, in their current form, are “extraordinarily difficult” to operate. He pointed to internal conflicts and proposals that can take weeks of forum posts, temperature checks and multiple votes to pass.