BTC bounces from overnight tumble to $65,000, but remains under pressure

Floating around social media is the idea that it’s Iran, not the selling of Michael Saylor’s Strategy, that’s behind much of this week’s price crash.

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Last week, Treasury Secretary Scott Bessent announced more than $1 billion of Iranian crypto assets (not bitcoin) had been frozen.

And then yesterday, the U.S. announced sanctions on Nobitex, Iran’s largest cryptocurrency exchange, accusing it of helping the Iranian government and others evade their own sanctions via digital asset networks.

“In my opinion, any coins that could be linked to Iran/Islamic Revolutionary Guard (IRGC) have been dumped to avoid possible sanctions (i.e., tainted coins), buy weapons, resources, etc …,” wrote Alistair Milne on X.

“Of course, not only Iran was selling, but it explains the feeling of constant sell pressure even at obvious support levels and it being quite BTC specific,” he continued.