News Digest: War, Bans, and a Volatile Market

The macro picture is messy. Bitcoin's refusal to crash during the Iran conflict is getting a lot of attention. Some are calling it a sign of underlying strength, but our view is more cautious. It's holding, but the 'safe haven' narrative still feels unproven, especially with rising Treasury yields and inflation risk pressuring all risk assets.

Meanwhile, regulation is moving fast in two directions. Delaware is pushing to establish a state-level stablecoin framework, which could be a big deal for US crypto infrastructure. But in the UK, the new government just banned crypto political donations over foreign interference fears. That's a stark reminder of the political headwinds crypto still faces.

Connecting the dots: the market is volatile (as our recent posts show), and the news flow explains why. Geopolitical risk, regulatory uncertainty, and macro pressure are all in play. Our system is leaning cautious here—strength is relative, and the F&G at 14 (Extreme Fear) tells you sentiment isn't buying the resilience story yet.

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