The US Treasury on Thursday sanctioned Iranian cryptocurrency exchange BitBank, accusing it of processing Bitcoin payments tied to a maritime scheme in the Strait of Hormuz.
Onchain analyst James Check says Bitcoin may have already established its cycle bottom near $58,000 after two distinct capitulation events, challenging traders who expect a later low.
Treasury has sanctioned Tehran-based cryptocurrency exchange BitBank, alleging it moved hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps and processed payments collected from ships passing through the Strait of Hormuz.