The conflict in Iran has caused the crypto market to crash. The ECB sees stablecoins as a threat. A virus steals seed phrases on iPhones. The KuCoin exchange has been banned in Dubai.
The collapse of altcoins has been more severe than after the FTX crash
The decline of altcoins has intensified in the crypto market. About 38% of coins and tokens have approached their historical lows — the lowest prices in their entire existence. According to analysts, the current situation is even worse than after the collapse of the FTX crypto exchange in 2022.
Altcoins are all cryptocurrencies except for Bitcoin. Right now, they're the ones suffering the most from investors losing interest in risky assets. As of Monday, March 9, the prices of Ethereum, BNB, XRP, and Solana are $1,982, $621, $1.34, and $83.80, respectively. Over the month, these cryptocurrencies lost 30%–37%.
Pressure on the market intensified after news of a large-scale US military operation against Iran on February 28, 2026. Within the first 15 minutes of the attack, traders lost positions worth over $100 million. After US President Donald Trump's statement that negotiations with Iran were impossible, oil prices rose, and the dollar strengthened. This increased pressure on risky assets, including cryptocurrencies.
The trend is accompanied by a decline in interest in the market. The number of mentions of altcoins on social media has fallen to a two-year low. The number of Google searches has also fallen sharply, dropping to 4 points out of 100. Experts explain the situation by an outflow of liquidity: when there is less capital, even small changes in sentiment can trigger massive sell-offs.
The Bitcoin price also plummeted. As of Monday, March 9, BTC is trading in the range of $67,477. According to experts, against the backdrop of the conflict in Iran, the first cryptocurrency may lose another 30% of its value.
European Central Bank sounds alarm over rise in popularity of stablecoins
The European Central Bank has warned that the growing spread of stablecoins could weaken bank lending and complicate monetary policy in the EU. This is stated in a new analytical report by the regulator.
Stablecoins are cryptocurrencies whose exchange rate is usually pegged to fiat currency. The study showed that the growing interest in such tokens is already linked to a decline in bank deposits and a reduction in the volume of loans to businesses. Banks are heavily dependent on deposits as their main source of funds for lending. If deposits decline, they have to resort to more expensive and less stable sources of financing.
Additional risks are associated with the fact that most of these tokens are pegged to USD. According to market data, about 97% of the capitalization of stablecoins is accounted for by dollar-denominated assets. At the same time, the total market volume has already reached approximately $312 billion and is projected to grow to $2 trillion by 2028.
Google warned about a virus on the iPhone that searches for crypto wallet seed phrases
Google experts have discovered a malicious program called Coruna that can steal data to access crypto wallets on the iPhone.
Researchers reported that the malware targets iOS (13.0 - 17.2.1). It scans images on the device for QR codes and examines text files in an attempt to find seed phrases (secret words for restoring access).
According to experts, Coruna exploits 23 vulnerabilities in the iOS system. Some of them are related to the browser and web page processing, so an infection can occur even during a normal visit to a website. In this case, attackers can gain control of the smartphone without installing any apps, and with no action on the user's part.
The software can also connect additional components and interfere with the operation of popular crypto wallets, including MetaMask, Trust Wallet, Exodus, and Fantom. Experts note that the malware does not work on the latest versions of iOS. iPhone owners are advised to update their systems to avoid cyberattacks.
Dubai bans the KuCoin crypto exchange
Dubai's virtual asset regulator has demanded that the KuCoin crypto exchange cease operations in the emirate.
The restrictions also affect companies associated with the platform, including Phoenixfin Pte Ltd, Kucoin Exchange EU GmbH, and several other entities. According to the regulator, they all operate under the KuCoin brand.
It is reported that the exchange misled users by providing false information about the availability of a license. In addition, all advertising and promotion of the platform's services in the emirate was carried out without the regulator's approval.
The crypto exchange has previously faced similar claims from the US authorities. As part of the settlement, the platform operator agreed to pay approximately $300 million.
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Paraguay may launch a state-owned mining
The authorities of Paraguay (South America) want to launch state-owned mining using equipment seized from illegal crypto miners. The project will be implemented in partnership with the Morphware crypto company.
The plan involves not only mining Bitcoin but also creating computing power for projects that promote AI development. It's expected that the country's surplus electricity will be used for this.
However, crypto experts are skeptical about this idea. According to them, the confiscated equipment is already outdated, so its profitability may turn out to be low.
Paraguay has long attracted mining companies with low electricity rates and a loyal tax system. After 2021, large crypto operators entered the country, but along with this, the number of illegal mining farms.
In 2024, Paraguayan regulators closed more than 30 such facilities and tightened the rules: illegal mining is now punishable by heavy fines and up to ten years in prison. Companies are also required to obtain licenses.
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