Bitcoin price topped $71,600 at the US market open, but the rally lacked sustained spot volumes. Can the bulls hold BTC above $70,000?
Iran News
Iran — also known as Persia or, officially, the Islamic Republic of Iran — is a sovereign state in Western Asia. Iran is one of the richest Asian countries, as it is the 18th economy by the volume of national production. In 2017, Bitcoin in Iran was considered as an alternative currency because the government wanted to ban U.S. dollars after the U.S. had imposed a ban on entry for seven Arabic states, including Iran. However, according to Iran’s Bitcoin regulation which were issued in 2017, work with cryptocurrency is prohibited for all financial establishments and exchanges. According to Iran’s central bank, cryptocurrency is used for the financing of terrorism, money laundering and making transactions between the criminals.
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ZachXBT said the network of fake X accounts used AI to impersonate influencers and post sensational content, generating millions of views and six-figure profits from crypto scams.
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Michael Saylor’s Bitcoin-holding company Strategy has already purchased more than $2.9 billion worth of the cryptocurrency this month.
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Bitcoin price remains rocky, and BTC and equities ETF outflows soar as the US and Israel-Iran war enters a fourth week.
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Gold is also being impacted by rising anticipation that the US Federal Reserve won’t cut interest rates this year, while Fed chair Jerome Powell said inflation would rise.
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Bitcoin searches for equilibrium at $70,000 while rising crude oil prices and tanking stock markets have investors worried over the future of inflation in the US.
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The disruption to the oil market and critical energy effects may have long-term economic effects that investors are not pricing in.
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A 70% oil spike could nearly double US inflation, slash rate-cut hopes, and deepen downside risks for Bitcoin prices in the coming months.
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Ancient Bitcoin holders moved millions to exchanges as Middle East tensions drove oil higher, fueling a broader risk-off shift across crypto and traditional markets.
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US-listed spot Bitcoin ETFs have tallied nearly $1 billion in inflows since March 9, with Bitcoin rising more than 12% to $74,250 over the same period.
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Iran-linked contracts drove prediction market activity higher as the CFTC opened rulemaking and Democrats moved to ban war and death bets.
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During the Iran conflict, gold attracted safe-haven demand, while Bitcoin’s reaction reflected liquidity conditions and broader market sentiment rather than acting as a classic crisis hedge.
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BTC faces bull-trap risks due to the formation of a bear flag pattern, with a measured downside target at around $51,000.
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Bitcoin faced strong resistance at the $74,500 level, but the shallow price pullback could set the stage for a stronger breakout in BTC and altcoins.
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Senators Chris Van Hollen, Elizabeth Warren and Ruben Gallego have vowed to ensure that the Justice Department “conducts a serious investigation into Binance.”
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