Bitcoin Hits $74K as Binance Sues WSJ over Iran Crypto Allegations
Welcome to another edition of your favorite weekly news round-up guys.
Christopher Harborne and AML Global Ltd. vs. The Wall Street Journal 2024, does that ring a bell? To put this in proper perspective, do you recall that Wall Street Journal 2023 article and the defamation lawsuit that followed? Well, Binance took a hint from that and they just went full "sue the messenger" mode on The Wall Street Journal. Nobody’s taking fake news lightly now.
Meanwhile, Bitcoin has just had one of its main character moments, and the rest of the market seems to get the memo, with ETH, SOL, and the gang all showing up with double-digit weekly gains. Elsewhere, Congress is seeking to ban betting on death. Because apparently we need a whole act to tell people that's a bad idea.
Here are the Highlights:
- Binance Sues WSJ Over $1.7B Iran Crypto Allegations
- US Congressmen Introduces Bill to Explicitly Ban Prediction Markets Contracts on DEATH and War Events
- Bitcoin briefly tops $74,000 as ether, sol, ada gains as much as 6% in Monday surge
- Crypto Leaders Push Back After Boris Johnson Calls Bitcoin a Ponzi
Binance Sues WSJ Over $1.7B Iran Crypto Allegations
Binance has filed a defamation lawsuit against The Wall Street Journal, intensifying a dispute over a February report alleging that up to $1.7 billion in cryptocurrency transactions passed through wallets connected to Iran-linked militant networks. The legal action comes as the U.S. Department of Justice has opened an investigation into whether Iranian actors used the platform to evade U.S. sanctions. The complaint, filed Wednesday, centres on a WSJ article published on February 23, 2026. Binance argues the report contained “false and defamatory statements” that damaged the company’s reputation and prompted scrutiny from U.S. authorities.
US Congressmen Introduces Bill to Explicitly Ban Prediction Markets Contracts on DEATH and War Events
A bill has been introduced in the U.S. Congress to explicitly ban prediction market contracts related to death and war. Rep. Mike Levin (D-CA) and Sen. Adam Schiff (D-CA) introduced the DEATH BETS Act (: Discouraging Exploitative Assassination, Tragedy, and Harm Betting in Event Trading Systems Act). An individual’s death including those that may closely correlate with death. The bill aims to codify and strengthen existing restrictions. While current law from the 2010 Dodd-Frank Act already gives the CFTC discretion to prohibit contracts on topics like terrorism, assassination, or war if deemed contrary to the public interest, the DEATH BETS Act removes that discretion for these categories and explicitly bans them outright.
Bitcoin Briefly Tops $74,000 as Ether, Sol, Ada Gains as Much as 6% in Monday Surge
Bitcoin briefly broke through the $74,000 resistance zone that it had rejected four times in two weeks, before reversing under that level. The largest cryptocurrency was trading just above $74,000 on Monday morning, up 2.9% over the past 24 hours and 9.7% on the week. Ether surged 7.7% in 24 hours and 14.3% on the week to $2,261, its strongest weekly performance in months. Solana jumped 5.6% on the day and 12% on the week to $93. Dogecoin hit $0.10 for the first time since early March, up 4.6% daily and 10.6% weekly. BNB gained 3.8% to $683 with a 9.5% weekly gain. XRP rose 4.2% to $1.47, up 8.9% over seven days. The move had a short squeeze behind it.
Crypto Leaders Push Back After Boris Johnson Calls Bitcoin a Ponzi
Several prominent figures in the cryptocurrency industry have pushed back against former UK Prime Minister Boris Johnson after he described Bitcoin as a Ponzi scheme in a newspaper column. Johnson, who led the United Kingdom from 2019 to 2022, wrote in a Daily Mail article that he had “long suspected Bitcoin is a giant Ponzi scheme,” warning readers against putting money into digital assets. The comments quickly drew responses from well-known voices across the crypto sector, including Strategy co-founder Michael Saylor, Tether CEO Paolo Ardoino and early Bitcoin developer Adam Back. Saylor rejected Johnson’s characterization in a post on X, arguing that Bitcoin does not meet the definition of a Ponzi scheme.
Other Highlights Worth Mentioning
Binance Joins Ripple in Mastercard Crypto Program - Trading View
Crypto Trader Loses Nearly $50M in Aave Trade, Protocol Offers $600K Fee Refund - Decrypt
U.S. sanctions 6 people, 2 companies that laundered $800 million in crypto for North Korea - Coindesk
The SEC finally admits what caused the mess US crypto was in before Trump took power - Cryptoslate
COINIGY FACT OF THE DAY
On this day in 2020, the cryptocurrency market experienced one of its darkest moments as Bitcoin and the broader crypto ecosystem plunged alongside global financial markets during the COVID-19 pandemic crisis.
March 16, 2020, dubbed "Black Monday II," saw the stock market lose 13% as the pandemic's potentially devastating economic impact became undeniable. In the days surrounding March 16, Bitcoin crashed 58% from $9,100 on March 7 to a low of $3,800 by March 13, while Ethereum dropped 65% from $230 to around $80. The crypto market lost over 50% of its value, with total capitalization dropping from $260 billion to $120 billion by mid-March. The crash shattered Bitcoin's "digital gold" narrative, as it failed to act as a safe haven during the crisis.
COINIGY MEME OF THE WEEK
