Bitcoin holds near $78,738 as Bessent launches Iran sanctions push

Crypto majors paused their weekly rallies as Treasury Secretary Scott Bessent unveiled a sweeping sanctions campaign against Iran's financial networks.

Bitcoin held near $78,738, up 23.4% weekly, while XRP gained 49.5% to $1.48 as markets weighed new Iran sanctions on Aug. 24.

"Iran now faces a very clear choice, with only two paths before them," Bessent said. "Complete global isolation and a subsistence economy, or a path back to normalcy with an opportunity to rejoin the global economy."

Ethereum climbed 29.8% over the past week to near $2,468, while Solana rose 26.6% and Hyperliquid gained about 13%. All five majors traded roughly flat over the last 24 hours, a pattern consistent with traders pausing to digest the geopolitical development rather than extending the rally.

The campaign, named Operation Economic Outcast, targets every node Iran uses to evade sanctions, including oil smuggling networks and revenue streams tied to the Islamic Revolutionary Guard Corps. Bessent described the approach as "zero leakage" and drew a historical comparison to D-Day.

Operation Economic Outcast Targets IRGC Revenue Streams

Bessent said the Treasury has mapped every channel Iran uses to move money internationally and evade existing sanctions. Coordinated actions from the Treasury and other federal agencies aim to block all remaining revenue streams connected to the IRGC, leaving the regime "no minimal breathing space" to rebuild funding sources.

"D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries," Bessent said. "Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe."

Flat 24-Hour Action Masks a 23% Weekly Bitcoin Rally

Iran sanctions announcements have repeatedly injected volatility into both traditional and crypto markets throughout the year, often triggering short-term risk-off behavior even when the news does not directly target financial markets. The flat 24-hour price action across major cryptocurrencies, despite a strong week overall, suggests traders are taking a more careful stance while assessing how the new campaign could ripple into broader market conditions in the days ahead.

For crypto traders, the key question is whether the sanctions push escalates into broader geopolitical tension that drives risk-off flows, or whether digital assets continue to benefit from their growing role as an alternative financial channel. Bitcoin's weekly gain of 23.4% and XRP's 49.5% surge leave both assets vulnerable to profit-taking if the geopolitical situation deteriorates further. The pattern across the board is consistent: big weekly gains followed by a quieter 24 hours, suggesting the market is pausing to digest fresh news rather than continuing its climb.

This article is for informational purposes only and does not constitute investment advice.