Bitcoin saw its largest daily drop since early February on Tuesday as the cryptocurrency shed more than $4,500 in a single day. Bitcoin prices have dropped 7% on the day, breaking key support to a nine-week low after the US and Iran launched fresh strikes as talks over a possible ceasefire have stalled. Bitcoin (BTC) fell to $65,385 on Coinbase in early trading on Wednesday, its lowest level since late March, according to TradingView. The slump follows the largest daily fall since Feb. 5 as BTC shed more than $4,500 on Tuesday. Read more
The sanctions come four days after Treasury Secretary Scott Bessent said the US had seized nearly $1 billion in crypto from Iranian crypto exchanges and wallets since late February. The US Treasury has sanctioned four Iranian crypto exchanges, including the country’s largest, Nobitex, marking the latest effort in its campaign called “Economic Fury” that aims to cut Iran off from the financial system. The Treasury said on Tuesday that it added crypto exchanges Wallex, Bitpin and Ramzinex to the Office of Foreign Assets Control’s sanction list, prohibiting US businesses and persons from providing services to those platforms. “While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country,” said Treasury Secretary Scott Bessent. Read more
Bitcoin price headed below $72,000 on Iran woes as US President Donald Trump told observers to "sit back and relax" with a ceasefire still unresolved. Bitcoin (BTC) heads into June with new local lows as the US-Iran war drives crypto market nerves. News of strikes on Iranian targets keep the Middle East conflict firmly on the radar as a source of crypto market volatility this week. Exchanges of fire meant that BTC price action quickly came under pressure following the monthly close, dropping below $73,000. Read more