Last night's Crypto News Roundup: Get the Market Focus in 1 Minute | March 23

1️⃣ Precious Metals Continue to Plunge

Spot gold has fallen for the eighth consecutive trading day, marking its longest losing streak since October 2023. The decline widened further during the US session, with a drop of over $150 at one point, hitting a new low in over a month, ultimately closing down 3.45% at $4491.15 per ounce. Last week's drop was the largest since 1983.

Spot silver also succumbed, falling below the $68 mark, ultimately closing down 7.04% at $67.79 per ounce.

2️⃣ Middle East Tensions Continue to Escalate

Trump demanded that Iran open the Strait of Hormuz within 48 hours, or he would destroy Iranian power plants.

The Iranian Islamic Revolutionary Guard Corps responded strongly, stating that if the threats materialize, Iran will immediately take four countermeasures, including the complete closure of the Strait of Hormuz.

3️⃣ The conflict between Israel and Iran escalates further.

Reports indicate that Israel's Dimona region was directly hit by an Iranian missile, near a sensitive nuclear facility; the missile also caused mass casualties in Israel's Arad region.

The Iranian armed forces stated that their military operations have shifted from "defense" to "offense."

Israel is also escalating its statements: the Israeli Defense Minister stated that it will "significantly increase" its attacks on Iran; Netanyahu went so far as to declare that he will directly target high-ranking members of the Iranian Revolutionary Guard Corps and called on other countries to join the military action against Iran.

4️⃣ Divergent signals emerge within the Federal Reserve.

Federal Reserve Vice Chairman Bowman stated that he still expects three interest rate cuts in 2026.

Governor Waller stated that he "urgently withdrew" his vote for a March rate cut due to rising oil prices, but emphasized that he did not believe a rate hike was necessary; he would still support a rate cut later this year if employment data weakens.

Powell publicly praised Volcker, emphasizing his "courage to resist political pressure."

5️⃣ USR Stablecoin Attack

Resolv Labs' USR stablecoin was attacked. Attackers minted tens of millions of uncollateralized USR using only a small amount of USDC, causing the price to briefly de-peg to $0.06.

The team has currently suspended the protocol and stated that the collateral pool is intact and there has been no asset loss.