The United States has seized about $1 billion worth of cryptocurrency tied to Iran, Treasury Secretary Scott Bessent said.
Bessent made the announcement in an interview on Fox Business. He described the action as part of Operation Economic Fury, an effort to restrict Iran's access to overseas revenue, banking networks and digital-asset infrastructure. The Treasury also said it had cracked down on Tehran's global shadow banking networks and sanctioned networks supplying weapons to Iran.
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Bitcoin climbed as odds increased for a U.S.-Iran peace deal. Iranian negotiators arrived in Doha for discussions focused on the Strait of Hormuz and enriched uranium.
Treasury Secretary Scott Bessent has launched Operation Economic Fury, a campaign targeting Iran's illicit oil networks and terror financiers with new sanctions. The US Office of Foreign Assets Control sanctioned more than two dozen individuals, companies, and vessels, including the network of Mohammad Hossein Shamkhani. The measures include warnings of secondary sanctions and the non-renewal of oil purchase licenses expiring April 19.
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Blockchain analytics firm Elliptic reported a 700% spike in cryptocurrency outflows from Iran's largest exchange, Nobitex, minutes after U.S.-Israeli airstrikes hit Tehran over the weekend. The strikes killed Supreme Leader Ayatollah Ali Khamenei and targeted key sites, prompting possible capital flight via digital assets. This event highlights cryptocurrencies' role in bypassing sanctions and banking restrictions in Iran.
Bitcoin dropped below $73,000 on Thursday, reaching a six-week low, as renewed US military strikes on Iran escalated geopolitical risks and triggered heavy selling across crypto markets. Spot Bitcoin ETFs saw sharp outflows, with BlackRock's IBIT alone shedding $528 million in a single day. The move coincided with nearly $1 billion in liquidations across derivatives platforms.
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Bitcoin has maintained its position around $70,000 despite a sharp rise in oil prices driven by escalating tensions with Iran. U.S. stocks tumbled on concerns over energy costs and private credit issues, while President Trump prioritized stopping Iran over price worries. Later, Treasury Secretary Scott Bessent's announcement on Russian oil eased some pressures, pushing Bitcoin toward $72,000.
Bitcoin traded in a tight band over the weekend, caught between support at $72,500 and resistance at $75,000. The range follows President Donald Trump's announcement of a potential Iran deal to reopen the Strait of Hormuz.
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The cryptocurrency market experienced a downturn on March 8, 2026, mirroring declines in traditional equities amid escalating U.S.-Iran tensions that drove oil prices up nearly 20%. Bitcoin traded below $66,000, while altcoins like Ether and Solana also slipped. However, by the following day, some digital assets showed modest gains despite ongoing market volatility.