Oil-linked futures on Hyperliquid surge 5% after U.S.-Israel strike on Iran

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The recent US-Israeli strike on Iran has sparked market volatility, with oil prices surging and Bitcoin dropping in response to the geopolitical tensions. The strike, which was launched on February 28, targeted Iranian military installations and has raised concerns about the potential disruption to global oil supplies.

According to a report by Omkar Godbole, oil-linked futures on Hyperliquid's HIP-3 surged more than 5% following the strike, with gold and silver perps also rallying. Iran is a major oil producer and a key player in the global energy market, and the strike has reignited fears of supply shocks.

Meanwhile, Bitcoin prices dropped to $63,000 in response to the strike, as traditional markets closed for the weekend. However, key support levels held, and the cryptocurrency market remains volatile.

In related news, US lawmakers have introduced a bill aimed at protecting blockchain developers from prosecution. The Promoting Innovation in Blockchain Development Act, which has industry support, seeks to push back against the criminalization of writing code.

The move comes as the blockchain industry faces increasing scrutiny from regulators and law enforcement agencies. Tether, a leading stablecoin issuer, has frozen $4.2 billion in tokens tied to illicit activity over the past three years, according to a report. The company has been working with authorities to halt suspicious funds and prevent money laundering.

In other blockchain news, a security flaw was discovered in a proposed XRP Ledger (XRPL) upgrade, which could have enabled unauthorized transactions. The vulnerability was found in the proposed "Batch" amendment, which was intended to let users bundle multiple actions into a single atomic transaction. However, researchers flagged the issue before it could reach the blockchain's main network.

The XRPL Foundation has been positioning itself for use cases such as tokenization and other applications, and the discovery of the security flaw highlights the importance of rigorous testing and review in the blockchain development process.

As the blockchain industry continues to evolve, it is likely that we will see increased scrutiny from regulators and law enforcement agencies. However, the introduction of the Promoting Innovation in Blockchain Development Act suggests that lawmakers are taking steps to support the development of the industry and protect its innovators.

Sources:

• Omkar Godbole, "Oil-linked futures on Hyperliquid surge 5% after U.S.-Israel strike on Iran"
• "Tether froze $4.2B in tokens tied to illicit activity in 3 years: Report"
• "XRP Ledger nearly shipped a feature that could drain accounts without owners signing"
• "Bitcoin price drops to $63K as US, Israel bomb Iran"
• "US lawmakers move to protect blockchain devs from prosecution"