Crypto’s round-the-clock platforms took the lead in Iran war trading during market closures

Crypto Markets Take Center Stage Amid Global Crisis

When President Trump revealed the launch of Operation Epic Fury—signaling the first US and Israeli military actions against Iran at 8:30 a.m. CET on Saturday, February 28—all major financial markets were closed for the weekend.

Since most traditional exchanges only operate from Monday to Friday, any major events unfolding over the weekend cannot be reflected in asset prices until markets reopen on Monday, often resulting in a surge of activity and volatility at the opening bell.

On that Saturday, US stock markets, futures, leading foreign exchange platforms, commodities markets, and both Asian and European exchanges were all offline.

While some Middle Eastern exchanges, including those in Saudi Arabia and Qatar, did open on Sunday—the second day of the conflict—they tend to see limited Western participation and lower trading volumes, making them less influential.

Historically, investors caught off guard by significant geopolitical events on a Saturday would have to wait until US futures began trading again on Sunday evening to start adjusting their positions for what was likely to be a turbulent Monday.

Round-the-Clock Crypto Trading Steps In

This time, however, investors had a real-time alternative: cryptocurrency platforms, which operate 24/7, are accessible worldwide, and offer near-instant settlement.

Among these, Hyperliquid—a decentralized exchange for perpetual contracts—stood out, offering not just crypto derivatives but also contracts tied to real-world assets like crude oil.

Blockchain data showed a dramatic surge in trading activity on Hyperliquid, with volumes approaching $200 million (€172 million) within a single day on Saturday.

Oil-related perpetual contracts on the platform, such as OIL/USDH and USOIL/USDH, jumped over 5% almost immediately after the strikes were announced, providing some of the earliest real-time price reactions ahead of the reopening of traditional markets.

Hyperliquid wasn’t the only platform drawing attention. Tether’s XAUT—a token backed by physical gold—saw weekend trading volumes exceed $300 million (€258 million), an impressive figure for a non-trading day.

Prediction markets like Kalshi and Polymarket also experienced significant activity, while major cryptocurrencies such as Bitcoin and Ethereum were sold off as investors sought to hedge against broader market risks.

For the first time in recent memory, crypto markets effectively became the primary venue for price discovery over the weekend.

Matt Hougan, Chief Investment Officer at Bitwise, described the episode as “the weekend that changed finance” in a memo released Tuesday.

Crypto’s Limitations and Rapid Mainstreaming

Critics note that crypto markets are still smaller and more volatile than their traditional counterparts, and regulatory uncertainties remain.

Nevertheless, the events of the weekend highlighted how on-chain finance is moving rapidly from the periphery to the heart of global capital markets—much faster than many experts predicted just months ago.

Legacy Exchanges Race Toward 24/7 Access

The strong performance of crypto platforms during the Iran crisis has intensified pressure on established financial institutions to offer continuous trading.

The New York Stock Exchange, under the Intercontinental Exchange, is developing a blockchain-powered alternative trading system for tokenized stocks and ETFs, aiming to enable true 24/7 trading with immediate settlement.

Slated for announcement in early 2026 and pending regulatory approval, this new platform would integrate NYSE’s existing trade-matching technology with private blockchain networks for post-trade processing.

Trades could be settled instantly using stablecoins, eliminating the traditional T+1 settlement cycle that still governs equity markets.

The tokenized platform could launch as soon as the second quarter of 2026, with plans to expand NYSE trading hours to 22 or 23 hours per weekday later that year or in early 2027, depending on coordination with the SEC, DTCC, and market data providers.

Nasdaq has also submitted proposals to extend US equities trading to 23 hours a day, five days a week, targeting a rollout in the latter half of 2026.

These initiatives are direct responses to the competitive edge of always-open crypto markets and the increasing frequency of major events occurring outside standard trading hours.

The Iran conflict weekend served as a vivid demonstration of this new reality.

With hedge funds and proprietary traders already active on decentralized platforms like Hyperliquid, traditional exchanges recognize that failing to offer similar access could result in a permanent loss of trading volume.

Tokenization offers the technological means to enable continuous trading while maintaining regulatory protections around custody, dividends, and shareholder rights.

Legislative Progress Lags Despite Political Support

While crypto infrastructure proved its resilience during the crisis, legislative efforts to provide regulatory clarity have stalled.

The Digital Asset Market Clarity Act of 2025 (CLARITY Act) passed the US Congress with bipartisan backing last year but has since become mired in the Senate.

The main point of contention is the treatment of stablecoin yields under the GENIUS Act, which created the first federal framework for stablecoin issuers.

Banks argue that interest-bearing stablecoins could siphon off deposits and have lobbied to close what they see as loopholes.

Crypto advocates, on the other hand, insist that such incentives are vital for customer retention and ongoing innovation.

On Tuesday, President Trump addressed the issue directly on Truth Social, stating, “The Genius Act is being threatened and undermined by the banks, and that is unacceptable — we are not going to allow it. The U.S. needs to get market structure done, asap.”

He further emphasized his support for the crypto sector, warning that without action on the Clarity Act, the US risks losing its leadership to other countries.

Despite presidential involvement and prior White House meetings between banking and crypto representatives, no agreement has been reached.

The Senate Banking and Agriculture committees continue to work on competing drafts, and a full Senate vote remains out of reach.

With the bill stalled, market participants are left without the regulatory certainty many had hoped for by the end of the first quarter.

There is a certain irony: while crypto markets proved their value during a real-world emergency, the very legislation intended to integrate them into the mainstream remains bogged down by lobbying battles.

Until lawmakers reach a resolution, innovation in the sector will continue to outpace regulation—a reality made even clearer by the events of the Iran weekend.