Bitcoin maintained its position above the $77,000 level early Monday following an announcement by U.S. Treasury Secretary Scott Bessent regarding a new round of economic measures against Iran. Bessent declared what he termed an “economic D-Day,” describing it as a financial offensive designed to target the Iranian regime.
According to statements shared on social media, the Treasury Secretary indicated that the objective of the financial offensive is to sever economic lifelines supporting Tehran. Bessent is scheduled to formally announce the sanctions at a press conference on August 24. The measures may include secondary sanctions directed at foreign firms, banks, and countries maintaining business ties with Iran, alongside warnings of economic consequences for entities providing financial or logistical support.
In response, Iranian officials warned that any nation backing the new U.S. sanctions would face treatment equivalent to an act of war, adding that oil shipments through the Strait of Hormuz and Persian Gulf could be halted if the pressure continues. Global oil prices subsequently moved to $85 per barrel.
Market Reactions and Crypto Performance
Despite the geopolitical tensions, Bitcoin held strongly around $77,150, following a more than 20% surge over the previous week. Prediction market data cited in the reports indicated 68% odds for Bitcoin reaching $85,000 by the end of 2026. Meanwhile, total Bitcoin futures open interest increased by 0.70% over 24 hours to reach $55.37 billion, though shorter-term metrics showed minor declines across platforms like CME and Binance.
In broader financial markets, gold prices extended gains past $4,645 amid safe-haven demand, while the U.S. Dollar Index traded near 98.80 ahead of an upcoming Personal Consumption Expenditures (PCE) inflation data release. The 10-year Treasury yields hovered near 4.71%, down from earlier peaks.
