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Crypto Braces ‘History’s Toughest US Sanctions’ on Iran in Matter of Hours — How Could XRP and <a href="https://xpertsstudio.com/is-bitcoin-rally-turning-into-altseason/” title=”Is Bitcoin Rally Turning Into Altseason?”>Bitcoin Be Impacted?
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Treasury Secretary Scott Bessent will unveil sweeping new Iran sanctions at a 2 p.m. ET press conference.
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XRP has no known direct exposure to Iran’s sanctions-evasion networks, but oil shocks and risk-off selling could threaten its recent rally.
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Bitcoin faces greater scrutiny after an Iranian maritime platform offered to accept BTC to circumvent Western restrictions.
XRP’s explosive 47% weekly rally faces a major geopolitical test as the US prepares to unveil what Treasury Secretary Scott Bessent has called the “toughest sanctions in history” against Iran.
Bessent is expected to detail the measures at a high-stakes press conference on Monday, Aug. 24, at 2 p.m. ET.
Popular crypto YouTuber Crypto Rover, who has 1.6 million followers on X, warned traders to prepare for sharp price swings around the announcement.
“Be ready, markets could get volatile,” he wrote.
The comments have raised concerns that some of the most bearish XRP price predictions could be coming true.
Emergency Iran Sanctions Conference Set for 2 p.m. ET
Bessent will hold the press conference at 2 p.m. ET, or 7 p.m. BST, with markets waiting to learn how far Washington’s new restrictions will extend.
The Treasury secretary previously described the plan as a combination of financial sanctions and the existing US naval blockade.
“It is a one-two punch. We have the blockade, and we are going to have the toughest sanctions in history,” Bessent told CNBC.
The announcement could include secondary sanctions against foreign banks, companies and countries that continue trading with Iran.
These measures would not simply restrict Iranian businesses.
They could threaten third parties with exclusion from the US financial system if they continue purchasing Iranian oil or facilitating payments for Tehran.
China will be a crucial part of that strategy.
It purchased more than 80% of Iran’s seaborne crude exports in 2025
Markets are already showing signs of caution.
Iran’s rial fell to a record low of 2.02 million against the dollar on informal markets Monday, while world stocks weakened ahead of the announcement, according to the Associated Press.
Bessent Says Iran Has Entered the ‘Endgame’
Bessent dramatically escalated his rhetoric in an X post and Financial Times op-ed published Sunday.
The Treasury secretary claimed President Donald Trump had severely weakened Iran’s military and nuclear capabilities, describing the new economic campaign as the next phase of the conflict.
Source: finance.yahoo.com