Weekly Recap: Bitcoin Tags $78K after Iran Reopens Strait of Hormuz

Happy weekend, Defiers!

Bitcoin reclaimed $77,000 on Friday after Iran declared the Strait of Hormuz fully reopened to commercial shipping, marking a six-week high for the world’s largest cryptocurrency. Ether, XRP, Solana and BNB all followed higher as the macro overhang lifted.

Tether stepped in with $127.5M to backstop Drift Protocol's recovery from this month's $230M exploit, with the platform set to migrate its settlement asset from USDC to USDT as part of the relaunch.

Meanwhile, Tempo unveiled Zones for private enterprise stablecoin transactions on parallel chains tied to its mainnet, and added Visa, Stripe and Zodia Custody to its validator set.

Lido's LDO bucked a broader DeFi slump with a 30% monthly rally after the DAO greenlit a buyback program. Memecoins also flashed signs of life: ASTEROID, an Ethereum token named after a toy that flew on a SpaceX's mission, rocketed more than 70,000% in 24 hours to a $28M market cap, while all of the Top 10 memecoins ended the week in the green.

Enjoy!

Since 2014, we democratized venture investing, making professional-grade opportunities accessible to individuals and institutions, earning recognition from TIME Magazine and CB Insights as one of America’s top 20 venture firms.

👀 Don’t miss our newest newsletter, Converge by The Defiant, where we track how trillions of assets are coming on-chain. Each week, you’ll get a weekly summary of the high-signal RWA and stablecoin news you can’t miss, and in-depth analysis to put it all in context.

Subscribe to Converge

Top Stories This Week

Bitcoin Touches $78,000 As Iran Declares Strait of Hormuz 'Completely Open'

Bitcoin climbed back above $77,000 on Friday after Iran declared the Strait of Hormuz fully reopened to commercial shipping, the clearest geopolitical de-escalation since the US-Israel war on Iran broke out in late February.

Among large-caps, Ether gained 4% to $2,425, XRP added 3.1% to $1.48, Solana rose 2% to $89, and BNB climbed 1.5% to $640.

Tether Commits $127.5M to Drift Protocol Recovery Plan

Tether is collaborating with Drift Protocol to support user recovery and facilitate the platform's relaunch following the $230M exploit earlier this month. As part of the relaunch, Drift will transition its settlement asset from USDC to USDT.

Tempo Unveils 'Zones' for Private Enterprise Stablecoin Transactions

Tempo, the payments-focused Layer 1 blockchain, has introduced Tempo Zones, a new feature that lets enterprises run private stablecoin transactions on parallel blockchains connected to Tempo's mainnet.

Also this week, the network onboarded Visa, Stripe and Zodia Custody as validators.

SPONSORED POST

The Defiant Exclusive: You Could Be an Investor in High-Potential Startups Like These

The Defiant and Alumni Ventures are teaming up this week only to give readers early access to high-growth startup opportunities, including some of today’s most exciting blockchain & fintech startups co-invested alongside top VC firms like Paradigm & Pantera Capital.

You get:
• Curated deal flow of high-potential blockchain & fintech startups
• No cost, no commitment to join
• Invest only if a company excites you

Don’t miss your chance before access closes.

Join Alumni Ventures Blockchain & Fintech Syndicate Today →

Join now

LDO Bucks DeFi Downturn With 30% Monthly Rally After DAO Passes Buyback Scheme

Top Ethereum liquid staking protocol Lido's governance token has emerged as a rare bright spot in a battered DeFi sector, gaining 30% over the past 30 days while every other major token slid into the red.

Memecoin Sector Shows Signs of Life as ASTEROID Rockets Past $25M

ASTEROID, an Ethereum-based memecoin named after the toy that flew on SpaceX's Polaris Dawn mission, surged more than 70,000% in 24 hours to a $28 million market cap on Friday.

All of the top-10 memecoins by market cap are green on the week as activity has picked up alongside the broader risk-on rotation earlier this week.

Trending

• Altcoins Surge as Bitcoin Drifts Near $75,000
• Charles Schwab Announces Rollout of Spot BTC and ETH Trading for Retail Clients
• Two Long-Time Ethereum Foundation Contributors Announce Departures
• Tether Commits $127.5M to Drift Protocol Recovery Plan Following $270M+ Exploit
• Bitcoin Stalls Below $75,000 amid Geopolitical Fog and Tax-Day Selling
• X Rolls Out Cashtags With Price Charts, Pilots In-App Trading via Wealthsimple

That’s it for today — have a great weekend! If you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe