Oil Breaks $100 as Israel-Iran War Drains 41,300 BTC Weekly đ°
Israelâs escalating war with Iran isn't just making headlines, it's burning through the equivalent of 41,300 BTC worth of economic damage every week. Now, to put that in perspective, that's more BTC than most whales will ever see. War has always been this expensive, I mean, whoâd have even thought weâd be measuring the cost of military expenditure in Bitcoin equivalents anytime soon?
While traditional markets are having a serious meltdown over the tension from the Middle East, which has seen oil prices break the $100 barrier, Kraken just pulled off a historic first with the Federal Reserve, getting the Fed's stamp of approval in a move that would've been unthinkable five years ago. Meanwhile, itâs starting to look like decentralized prediction isn't so straightforward when real-world events get messy. I mean, Kalshi's getting sued for not paying out on a prediction market wasnât part of the broader plan.
Here are the Highlights:
- Israelâs Iran war is costing the equivalent of 41,300 Bitcoin every week
- Binance Denies $1.7 Billion in Iran Sanctions Violations Amid US Senate Probe
- Kraken's banking arm becomes first crypto firm to secure payments account with Fed
- Bitcoin Rises in Break With Stocks as Iran War Drives Oil Higher
Israelâs Iran war is Costing the Equivalent of 41,300 Bitcoin Every Week
Israelâs Finance Ministry has put a weekly price tag on the countryâs widening war with Iran, estimating that the economy could take a hit of more than 9 billion shekels (equivalent to $2.93 billion) a week if emergency limits on activity remain in place. The estimate links the economic toll to the Home Front Commandâs current âredâ restrictions, which include school closures, travel restrictions, and a shift to essential services. According to Reuters, the finance officials also outlined a less restrictive scenario. A shift to an âorangeâ level, which would allow more economic activity, would cut the weekly hit to about 4.3 billion shekels (around $1.35 billion), roughly half the âredâ scenario, according to the same reporting.
Binance Denies $1.7 Billion in Iran Sanctions Violations Amid US Senate Probe
Leading crypto exchange Binance denied violating Iranian sanctions compliance in a letter sent in reply to U.S. Senator Richard Blumenthal (D-Conn), who recently launched a probe into the firm following media reports on purported violations. Blumenthalâs probe followed a Wall Street Journal report that alleged that Binance allowed $1.7 billion worth of transactions tied to Iranian entities and sanction-evading trades from Russia to occur on the platform. âBinance takes its legal obligations seriously and shares your interest in the safety of its platform,â the exchange wrote in the letter.
Kraken's Banking Arm Becomes First Crypto Firm to Secure Payments Account With Fed
March 4 (Reuters) - Cryptocurrency exchange Kraken's banking unit has gained access to the Federal Reserve's payments system through a limited-purpose âaccount, the first U.S. digital-asset bank to do so as âthe sector deepens its reach into mainstream finance. Through its Fed master account, Kraken Financial can link directly to core U.S. payment systems such as Fedwire, avoiding intermediary banks âand enabling faster, more efficient fiat transfers for institutional clients, while âreducing operational complexity and costs, the company said in a â blog post on Wednesday.
Bitcoin Rises in Break With Stocks as Iran War Drives Oil Higher
Bitcoin advanced even as growing concerns about a prolonged war in Iran sent oil prices surging and stocks and bonds tumbling. The original cryptocurrency rose 0.7% to trade around $67,700 at 5:42 a.m. in New York, with smaller tokens like Ether and Solana gaining as well. Stock markets in Asia and Europe plunged after oil rallied past $100 a barrel, raising fears of an inflation crisis. Treasuries also sold off, with benchmark US 10-year yields hitting a one-month high. The cautious mood thatâs dominated crypto markets since prices started crashing in October hasnât lifted, however.
Other Highlights Worth Mentioning
Justin Sun nears $10M deal to settle SECâs Tron lawsuit - Protos
Dubai Regulator Orders KuCoin to Halt Crypto Services - CoinLaw
Kalshi Sued Over Refusing to Pay Out Prediction Market After Iran Leader's Death - Decrypt
Coinbase Launches Regulated Futures Trading Across 26 European Markets - Be in Crypto
COINIGY FACT OF THE DAY
On this day in 2025, the cryptocurrency market experienced a dramatic crash that sent Bitcoin, Ethereum, and Solana plummeting within hours, triggered by new tariff increases on imports from Mexico and Canada announced by the Trump administration. The event, dubbed "Tariff Sunday" by traders, highlighted crypto's continued correlation with traditional financial markets during times of geopolitical and economic uncertainty.
COINIGY MEME OF THE WEEK
