Bitcoin Holds As Gold Posts Worst Week Since 1983 Amid Iran War
Bitcoin quietly gained ground while gold crumbled. That contrast has become one of the more telling stories to emerge from weeks of escalating conflict in the Middle East, as the two assets — long compared as competing stores of value — have moved in sharply opposite directions since the US and Israel launched strikes on Iran in late February. Related Reading: Bitcoin Gains Ground On Gold Even As Both Assets Slide Bitcoin Climbs As Gold Bleeds Since those first attacks, Bitcoin has risen more than 11% to around $70,650. Gold, meanwhile, has shed over 12% from its peak. Reports indicate the....
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Iran and the Middle East are on fire again. US and Israeli forces launched a series of airstrikes on Iran over the weekend, killing Supreme Leader Ali Khamenei — a development that sent shockwaves through global markets and sparked fresh debate about what comes next for the US economy. And amid all the chaos, one […]
Do Wall Street’s woes have anything to do with bitcoin’s bounce? Bitcoin was one of the few winning investments in the worst first week of the year for U.S. stocks, according to The Wall Street Journal. The Dow Jones Industrial Average (DJIA) and the S&P 500 had their worst first weeks in history. Bitcoin, gold, the yen and natural gas were in growth modes. At the close of trading Friday, the DJIA fell 6.2%, the S&P 500 lost 5.96%, and the Nasdaq was down 7.3%. In addition, 10-year Treasury yields fell 0.141 percentage points to 2.131% and Nymex crude oil dropped 10.48%. The DJIA’s....
Authorities in Iran have confiscated 3,000 units of mining hardware in just one week as part of a push to curb illegal crypto mining amid power shortages and blackouts. In a single year, Iranian law enforcement has shut down over 180 crypto farms in Tehran Province alone. Over 500 Crypto Mining Rigs Confiscated in Tehran As the government’s offensive against unauthorized crypto mining intensifies, authorities have discovered and seized more than 3,000 pieces of mining equipment, Iran’s power utility announced Wednesday. Over 500 devices have been confiscated in Tehran....
Economic sanctions against Iran have been lifted, but some sanctions still apply. A pair of attorneys at the global Pillsbury law firm claim that screening rules still exist when trading with Iran, which means complications for anyone in the U.S. and European Union (EU) doing bitcoin transactions with parties in Iran, according to City A.M., a London, U.K. newspaper. Attorneys Steven Farmer and Matthew Oresman claim some EU and U.S. financial sanctions remain in place against certain Iranian individuals and businesses. (The lawyers are both sanctions experts and Farmer is also a bitcoin....
The Iranian government has adopted bitcoin for international trade as the country’s economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by the U.S. government. Iran’s Economic Troubles Magnified Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat....