Bitcoin nears $72,000 following Trump's statements: what AI analysis revealed - Bitcoin rose to $71,800 on Thursday
Bitcoin tests $75,000 amid US optimism - Bitcoin rose on Friday, extending its recovery to levels last seen in late May after US President Donald Trump called on lawmakers to enact clear regulations for cryptocurrencies.
US Treasury Secretary Scott Bessent said Thursday that Washington will impose tough sanctions on Iran, backing up President Donald Trump's threats of an economic war against Tehran.
Bessent also called on China to join the sanctions regime, but Beijing has generally condemned plans to impose new restrictions on Iran.
"It's a two-pronged attack. We have a blockade, and we will impose the toughest sanctions in history," Bessent said in an interview with CNBC.
"It will work in Iran, and we will bring down that regime," Bessent added, announcing that he would hold a press conference on Monday to outline the details.
Bessent's comments came after Trump on Wednesday promised "economic warfare and isolation on an unprecedented scale" against Iran, saying the country was in dire straits after months of military and economic pressure from the US. Iran has generally rejected Trump's threats, with Foreign Minister Abbas Araghchi accusing the American president of trying to distract attention from domestic problems, particularly the growing US national debt.
China, a major buyer of Iranian oil, also opposed the proposed restrictions. The country's Foreign Ministry stated at a briefing on Thursday that sanctions and pressure "will not help solve the problem."
Nevertheless, the threat of new US sanctions suggests that tensions around Iran will not subside anytime soon. Shipping data released this week show that the Strait of Hormuz remains effectively closed, and oil prices have risen sharply amid concerns about continued supply disruptions.