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Bitcoin Falls to $79.6K Amid US-Iran Escalation
On Friday, Bitcoin declined amid military escalation between the United States and Iran in the Strait of Hormuz, reducing investor appetite for risk assets.
The broader cryptocurrency market also moved lower.
Nevertheless, the world’s largest cryptocurrency remains on track to complete its sixth consecutive week of gains, supported by strong institutional buying, demand for discounted assets, and progress among US lawmakers on a key regulatory bill.
Bitcoin fell 1.7% to $79,679.8 as of 06:52 GMT, while still posting a weekly gain of 1.3% — marking its sixth straight week of growth.
Additional pressure on the cryptocurrency came from a statement by the largest corporate Bitcoin holder, Strategy Inc. (NASDAQ:MSTR), regarding the possible sale of part of its holdings to fund dividend payments, although the size and timing of any potential sales remain unspecified.
US-Iran Escalation Weighs on Risk Assets
On Friday, risk markets retreated after the US military reported retaliatory strikes against Iran following attacks on three American military vessels passing through the Strait of Hormuz.
This followed accusations by Iran that the United States had violated the ceasefire by attacking Iranian ships and civilian facilities earlier this week.
The latest escalation was triggered by a US operation aimed at restoring commercial shipping through the Strait of Hormuz, although Donald Trump announced a suspension of the operation just days after it began.
Iran broadly condemned the operation and is reportedly seeking to strengthen its control over the Strait of Hormuz.
Thursday’s military escalation effectively overshadowed statements from both sides claiming that negotiations were progressing successfully.
Earlier this week, reports suggested that a deal was close to being finalized.
Binance Under Scrutiny by the US Treasury Over Sanctions Violations — Media Reports
Binance, the world’s largest cryptocurrency exchange, received a letter from the US Treasury Department demanding compliance with its monitoring program following reports that $1 billion worth of cryptocurrency passed through the exchange to entities linked to Iran, according to The Information on Thursday.
The US Treasury reportedly required Binance to comply with the monitoring program it agreed to in 2023 after pleading guilty to sanctions violations and anti-money laundering breaches.
The letter is tied to reports claiming that more than $1 billion passed through the exchange to Iran-linked entities during 2024–2025.
BNB, Binance’s native cryptocurrency, fell 1.7% on Friday.
Crypto Market Today: Altcoins Decline Amid Iran Tensions
On Friday, the broader cryptocurrency market moved lower alongside Bitcoin as tensions surrounding Iran weighed on risk assets.
Most altcoins are also ending the week without significant momentum.
Ethereum, the second-largest cryptocurrency by market capitalization, dropped 2.6% to $2,275.58, while XRP declined 2.3% to $1.3825.
Solana and Cardano fell 1.2% and 2.2% respectively.
Among memecoins, Dogecoin dropped 4.9%, while Official Trump gained 0.9%.
