US Treasury secretary says new economic measures will ‘collapse’ Iran
Scott Bessent has not said if countries such as China could be targeted in an effort to economically isolate Tehran.
Bitcoin soared to $72,505 on Thursday, marking a new multimonth high, despite the U.S. threatening "economic warfare" against Iran in a bid to isolate the nation over the Strait of Hormuz. US stocks retreated amid the geopolitical tensions, while bond yields rose, reflecting investors' concerns over the U.S.-Iran conflict. By the end of the day, Bitcoin reversed above $71,000 and traded at its 11-week peak of $72,505 on Bitstamp.
The surge in Bitcoin's price was driven by renewed demand in both spot and derivatives markets, suggesting a potential end to the recent bear market. However, analysts remain cautious, with BTC needing to surpass its $60k support level to signal a lasting recovery.
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