Crypto Market Fear Subsides Significantly, Today's Fear and Greed Index at 45

March 25 — Coinbase to list Perlin (PRL) perpetual contracts on March 25, per official sources.

March 25th — U.S. media report the Pentagon has struck a series of framework agreements with major defense contractors to accelerate production of critical missile systems, which saw heavy use in the early stages of the U.S.-Israel war against Iran. Per a Pentagon announcement, Lockheed Martin and BAE Systems have reached an agreement with the Defense Department on a plan to quadruple production of the THAAD interceptor missile’s seeker. Earlier, the Pentagon inked a framework deal with Lockheed Martin to quadruple THAAD interceptor missile production. In a separate framework agreement, Honeywell Aerospace will invest $500 million over the next several years to significantly boost production of key components in the U.S. ammunition stockpile — including navigation systems and other products. Additionally, Lockheed Martin and the Pentagon will ramp up production of the Precision Strike Missile (PrSM), an alternative to the Army’s Tactical Missile System (ATACMS). (Jinshi)

On March 25th, per Iranian outlet Fars News, sources said Iran will not accept a ceasefire nor enter any negotiations with the defaulting party. (Golden Finance)

March 25 — Research firm Bernstein said the market may have misread a draft of the U.S. Clarity Act, which contributed to a prior 20% drop in Circle’s stock price. The analysis noted the legislation restricts stablecoin yield distributors, not issuers. Circle earns yield by investing in reserve assets (such as U.S. Treasuries) and does not directly pay interest to coin holders, so its business model will see minimal impact. By contrast, platforms like Coinbase that offer USDC yield distributions may face greater adjustment pressure, with their current ~3.5% yield structure potentially needing restructuring. Bernstein believes restricting “passive yield” could ironically weaken competitors’ ability to attract liquidity, ultimately benefiting Circle in solidifying its long-term market position.

**March 25 Update** Turkey’s foreign exchange reserves have plummeted amid Middle East tensions, sparking market fears over lira stability. Data shows the central bank has spent roughly $30 billion intervening in the market over the past three weeks to prop up the currency. Analysts warn that under dual pressure from foreign capital outflows and skyrocketing energy costs, Turkey may be forced to sell or use its gold reserves (currently exceeding $100 billion) via swaps to shore up foreign exchange liquidity. The conflict has sent international oil prices soaring, worsening Turkey’s current account deficit and inflationary pressures. Markets widely expect the country could face lira depreciation and interest rate hikes if tensions persist.

**March 25** — Iran is reportedly tightening control over the Strait of Hormuz via a semi-official mechanism, requiring ships transiting the strait to provide a manifest of crew members and cargo, and levying fees on some high-value cargo vessels, according to sources familiar with the matter. The measures mandate approval from Iran’s Islamic Revolutionary Guard Corps (IRGC), with fees typically coordinated via intermediaries. The policy primarily targets oil tankers and liquefied gas carriers. Strait traffic is currently restricted, with a sharp drop in transiting vessels—most of which are linked to Iran or friendly nations. While Iran officially claims the strait remains “open,” actual traffic has yet to return to normal. As a result, several Asian nations face energy supply pressures, including liquefied petroleum gas (LPG) shortages in countries like India. Analysts note that as regional tensions escalate, uncertainty over the Strait of Hormuz—a critical global energy c