The US sanctioned Iran's BitBank crypto exchange on Sept. 17 over alleged bitcoin transfers to the IRGC. The Block reported the designation, which accuses the exchange of moving bitcoin for Iran's Islamic Revolutionary Guard Corps.
It's a blacklist, not a fine. US persons can't do business with BitBank now, and any dollars or US-linked assets tied to it are frozen. So the exchange can keep running elsewhere, but it loses access to the US system.
Sanctions cut BitBank off from the dollar system
Bitcoin lets people send value without a bank in the middle. A sender posts a transaction to the network, miners confirm it, and the receiver holds the coins in a wallet they control. That's why US officials say groups under sanctions use it when banks won't touch them.
The IRGC is Iran's powerful military and business arm, and Washington has long accused it of funding operations abroad. The allegation here is simple. BitBank allegedly handled bitcoin flows for it, but the US has not made a transaction total public so there is no amount to check yet.
Bitcoin held near $76.5K as stocks steadied
Cointelegraph placed Bitcoin near $76.5K as US stocks rebounded from the Fed's rate hike. Decrypt described a bounce as traders waited on the Fed's next move. It's a familiar pattern, and stocks often lift first when rate fears ease while bitcoin follows.
The move shook out crowded bets. News.bitcoin.com reported liquidations past $260M as Bitcoin touched $77K. A liquidation is automatic.
When a leveraged trade falls below its margin, the exchange closes it and the trader loses the stake, so a small swing can trigger a lot of forced selling at once.
| Market signal | Level reported |
|---|---|
| --- | --- |
| Bitcoin high during sell-off | $77K |
| Bitcoin hold after stocks rebounded | $76.5K |
| Forced closes across crypto | $260M |
That table matters because it shows a tight range with heavy leverage. Price pushed up to $77K, longs piled in, then the drop forced them out. And the hold near $76.5K came only after stocks steadied, not before.
Washington is writing two rulebooks while ETFs grow up
JPMorgan said bitcoin could get more support than gold if hedging around ETFs eases, The Block reported. The idea is plumbing. When funds hedge ETF exposure with futures, it can press on price, and if that hedging fades then bitcoin keeps more of the buying.
Bitcoin Magazine cited an expert view that Bitcoin ETFs could triple their gold counterparts as the asset matures. That would shift who holds bitcoin, from short-term traders to funds and advisers. But it hasn't happened yet, and it depends on steady inflows.
On rules, Washington is splitting the job. Crypto Briefing reported the SEC and CFTC will draft crypto rules independently, with a focus on XRP and Bitcoin.
Bitcoin Magazine separately reported the SEC is allowing tokenized stock trading even though the Clarity Act failed, and tokenized stocks are blockchain records that track a share price so they can trade around the clock. Watch $77K on top and $76.5K below.
The $260M wipeout clustered around that $77K touch, while the steadier trade sat near $76.5K after stocks bounced. If bitcoin breaks and holds above $77K, the forced sellers are likely done, and if it slips the next Fed signal will decide it.
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