Crypto has become one of Iran’s most practical economic tools as war, sanctions, and financial isolation continue to squeeze the country’s access to global markets.

The pressure intensified again on May 4, 2026, after Iran claimed it fired missiles at a US Navy vessel near the Strait of Hormuz. 

Washington denied the strike and said Tehran had fired only warning shots. The clash came as the US launched “Project Freedom,” a naval operation to guide ships through the strait with destroyers, aircraft, drones, and about 15,000 service members. 

Oil prices surged, with Brent crude hitting $120. Bitcoin, meanwhile, reclaimed $80,000.

Sanctions Turned Crypto Into Iran’s Payment Rail

For Iran, this is the broader point. Oil remains central to state revenue, but crypto has become central to daily business survival.

Ebrahim Mello, an Iran and Middle East expert and member of the BRICS+ Consortium Business Council, told BeInCrypto that it’s now difficult to imagine Iranian domestic or foreign trade without cryptocurrency. 

Sanctions, the lack of Visa and Mastercard, and limited access to SWIFT have pushed businesses and individuals toward digital assets.

According to Mello, many Iranians can convert rials from local bank accounts into crypto and send funds abroad. 

Payments can move to Russia, Turkey, the Arab states, and even North America through wallet transfers. Bitcoin prices now appear on exchange boards, while some high-end restaurants in Tehran accept crypto payments.

“Sanctions and restrictions pushed people to look for creative solutions. Iranians found alternative channels, and crypto became one of them. At one point, everyone in Iran was mining. Mining equipment appeared in factories, schools, and even mosques. Electricity was cheap, but the pressure became so large that the country started facing serious power shortages,” Ebrahim Mello told BeInCrypto

Mining also grew because of Iran’s cheap electricity, backed by its oil and gas reserves. Mello estimated that mining one Bitcoin in Iran can cost roughly $1,000 to $1,500. 

That created incentives for mining in factories, schools, mosques, and private buildings.

However, the boom created pressure on the power grid. The government has tried to control illegal mining, but enforcement remains difficult across homes, businesses, and industrial sites.

Crypto Moves Money, But It Cannot Replace Trust

Still, crypto does not remove Iran’s trade problems. Mello said Iranian firms often rely on handshakes, cash, pro-forma invoices, and wallet transfers. 

That creates friction in markets such as Russia, where contracts, labeling rules, certificates, and formal banking trails matter.

The result is clear. Crypto helps Iranian businesses move money when formal systems are blocked. But it cannot replace legal structure, market knowledge, or trust in cross-border trade.

The post Bitcoin Instead of Oil: How Crypto Keeps Iranian Business Moving appeared first on BeInCrypto.

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Bitget, the world’s largest Universal Exchange (UEX), has recorded a new milestone in its CFD business, with daily trading volume reaching $8 billion, less than half a month after surpassing $6 billion in March.

The surge comes amid a broader rise in global gold demand and trading activity. Investment demand for gold increased 84% year-on-year to a record level in 2025, while prices have continued to hover near historic highs, surpassing $5,000 per ounce in early 2026 as investors respond to macroeconomic uncertainty and geopolitical tensions.

This environment has translated into heightened activity across gold-linked instruments on Bitget. XAUUSD accounted for approximately 95% of the incremental volume during the period, underscoring gold’s role as a primary driver of cross-asset trading demand. As market-moving events increasingly impact multiple asset classes at once, traders are turning to gold CFDs to adjust exposure in real time.

Growth has also been broadly distributed across regions. China contributed 42% of the incremental volume, followed by Europe at 27% and Southeast Asia at 16%, together accounting for 85% of the increase. The pattern reflects a global shift in trading behavior, where participation is expanding simultaneously across multiple markets rather than being concentrated in a single region.

“Gold has always been a reference point when markets become uncertain,” said Gracy Chen, CEO of Bitget. “What’s changing is how users access it. Trading is becoming more continuous and more connected across markets, and platforms need to reflect that.”

Bitget’s CFD offering allows users to trade contracts linked to commodities, forex, and indices while maintaining margin in USDT, enabling capital to move efficiently across asset classes within a single account. Combined with competitive spreads and a streamlined interface, the platform is increasingly being used as a gateway for gold CFD trading.

The trend also reflects a broader evolution in investor behavior. In major markets, demand for gold as an investment asset continues to rise, with retail participation increasing alongside institutional flows. As access to global markets becomes more immediate, users are shifting toward platforms that enable them to respond quickly to macro developments without operational friction.

Within Bitget’s Universal Exchange model, where crypto and traditional assets are integrated into a unified trading environment, the growth of CFD activity highlights a broader convergence in how markets are approached. As users move between asset classes based on opportunity rather than category, Bitget continues to expand its role as a platform for multi-asset trading at scale.

About Bitget

Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 100+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships with LALIGA and MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry’s lowest fees and highest liquidity across 150 regions worldwide.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord

For media inquiries, please contact: media@bitget.comRisk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

The post Bitget CFD Volume Surges to $8B as Gold Trading Drives Accelerated Growth appeared first on BeInCrypto.

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Elon Musk’s net worth crossed $800 billion this weekend, and the Tesla and SpaceX chief is not slowing down. Pressed on the figure, Musk fired back with a $10 trillion target.

Musk’s wealth now equals 2.7% of the US gross domestic product. That share is unmatched since John D. Rockefeller’s Standard Oil era in 1913.

Using World Bank 2024 data, the average GDP across 176 countries was about $612.36 billion. So, Musk is now worth more than the average national economy.

Wealth Concentration Last Seen in 1913

Diamandis posted the comparison on X. He noted that no individual had matched Rockefeller’s grip on the American economy in more than 100 years. Rockefeller built his fortune on oil. Musk built his on electric vehicles, rockets, satellites, and artificial intelligence.

Tesla, SpaceX, Twitter, or X, and xAI together form the bulk of his paper wealth. Tesla shares carry its largest exposure, while privately held SpaceX is now valued near $400 billion in secondary markets. Both companies also retain meaningful Bitcoin reserves on their balance sheets.

His exposure stretches beyond corporate treasuries. His father has claimed the brothers hold more than 23,000 BTC, valued at more than $1.6 billion at current prices. Musk has vocally backed Bitcoin and Dogecoin in the past.

Musk’s Path to $10 Trillion

Reaching $10 trillion would require Musk’s combined holdings to multiply more than twelvefold from current levels.

Supporters point to autonomous taxis, Optimus humanoids, Starship cargo missions, and xAI data centers as the primary drivers of growth. Tesla’s market capitalization alone would need to rival the largest publicly traded companies in history.

X, now bundled with xAI, sits at the center of his consumer strategy. The platform has rolled out X Money in select US states and is testing in-feed crypto trading features. Musk has also signaled future integration of Dogecoin, though X has not confirmed any specific token.

Critics see the target as theatrical. Tesla’s stock trades on aggressive growth assumptions. Regulators are sharpening their review of SpaceX launch operations. Antitrust watchdogs are tracking X’s expansion into financial services. Any setback could quickly compress Musk’s paper wealth.

Musk’s reply drew 1.3 million views within hours. It reignited debate over whether any founder should hold this much of the American economy. Rockefeller’s record may stand or fall based less on Wall Street. The deciding factor may be how regulators define the limits of private wealth concentration.

The post Elon Musk Is Now Worth More Than an Average Country’s GDP appeared first on BeInCrypto.

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Oil price neared $120 a barrel on Monday after a drone strike on a UAE oil tanker in the Strait of Hormuz. The UAE has blamed Iran for the attack, the 24th on regional shipping since the war began.

The Abu Dhabi National Oil Company tanker Barakah was hit by two drones near Fujairah. The strait is now effectively shut to commercial traffic for a second time this spring.

Iran Blamed for Drone Strike on Empty ADNOC Tanker

As of this writing, the Brent crude oil price was trading for $119,191, after establishing an intra-day high of $120.363, before investors started booking early profits.

The Barakah, operated by ADNOC’s maritime logistics unit, was transiting the strait empty when the strike hit. UKMTO, the British military’s maritime warning service, said the tanker was struck by “unknown projectiles.”

No crew members were injured, the UAE Ministry of Foreign Affairs said in a statement. Officials directly accused Iran’s Islamic Revolutionary Guard Corps of carrying out the strike. The ministry called the incident a “terrorist attack” and “acts of piracy.”

The UAE called the strike a “flagrant violation” of UN Security Council Resolution 2817 on freedom of navigation.

It demanded Iran halt all attacks and commit to a cessation of hostilities. Abu Dhabi also pressed for the unconditional reopening of the strait to global shipping.

Hormuz Closure Resumes as US Prepares Project Freedom

A separate strike on a northbound cargo ship off Sirik on Iran’s southern coast was reported on Sunday. UKMTO described the regional threat level as “critical” and said all crew were unharmed. It was the first reported attack in the area since April 22.

Iran first closed the strait on February 28, 2026, when the war began. Tehran re-imposed restrictions on April 18 after Washington refused to lift its counter-blockade.

The waterway carries roughly one-fifth of global oil supply. Brent crude futures had already gained about 8% over the past week on rising supply fears.

US President Donald Trump said last week that the Navy would begin escorting stranded vessels through Hormuz on Monday. The humanitarian operation, called Project Freedom, is backed by US warships.

“Countries from all over the World… have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz… We have told these Countries that we will guide their Ships safely out of these restricted Waterways… God Bless All Our Troops Engaged in Project Freedom,” Trump indicated.

Iran has warned it will strike any US or Israeli forces entering the strait. Iranian state media has claimed the country’s navy turned back “enemy destroyers” and hit US vessels. US Central Command has denied those reports.

The next 48 hours will test Project Freedom’s ability to clear backlogged shipping without triggering wider escalation. Markets are watching whether oil holds the gains or fades the geopolitical risk premium.

The post Oil Tops $120 as Iran Strikes UAE Tanker and Hormuz Closes Again appeared first on BeInCrypto.

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Capital B raised 1.1 million euros ($1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, extending the cryptographer’s backing of the French-listed Bitcoin treasury company.

Back subscribed to 10 million subscription warrants at $0.13 each, according to a Monday announcement from Capital B. Each warrant gives Back the right to buy one new share of future company stock at the exercise price of $0.98, corresponding to the company’s market net asset value (mNAV) of 1.1 per share, the company said.

The deal would increase Back’s exposure to Capital B, where he is already one of the company’s largest strategic investors. Back now holds over 39.5 million shares or 9.97% of Capital B’s shares on a fully diluted basis. Back is best known as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.

The raise comes as some Bitcoin treasury companies continue seeking capital for accumulation strategies, while others are using derivatives or asset sales to manage balance sheet risk during Bitcoin’s downturn. Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month.

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XCE’s $794,000 capital raise on April 23 was also backed by Adam Back.

Capital B raises $1.28 million from Adam Back. Source: Capital B

Capital B shares rise 6% after capital raise announcement

Capital B said the new capital will be used to “accelerate” its Bitcoin treasury strategy, which was perceived as a positive signal from shareholders.

Capital B’s stock price rose by over 6.5% on Monday, but is still down over 16% since the beginning of 2026, data from Yahoo! Finance shows.

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Capital B (ALCB.PA) stock price, year-to-date chart. Source: Yahoo! Finance

Capital B is the 25th largest Bitcoin treasury company, holding 2,943 BTC currently worth about $234 million, according to Bitcointreasuries.net data.

Related: Adam Back says Bitcoin’s post-quantum shift may reveal true Satoshi stash

Other Bitcoin treasury companies are reducing the balance sheet risk associated with Bitcoin’s downturn.

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On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced an actively managed Bitcoin derivatives program seeking to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure.

Nakamoto is the 20th-largest Bitcoin treasury firm and the largest to disclose selling part of its holdings earlier this year. The company announced a sale of 284 Bitcoin (worth about $20 million at the time) in a March 30 filing with the US Securities and Exchange Commission. 

A month earlier, in February, Bitcoin treasury company Genius Group said it liquidated its entire treasury holdings of 84 BTC for about $5.7 million, which it used in repaying an $8.5 million debt obligation, according to an SEC filing. 

Magazine: Bitcoin vs. the quantum computer threat — Timeline and solutions (2025–2035) 

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TLDR:

• Bitcoin’s net realized profits hit $207.56M on Sunday, marking the highest on-chain profit spike in a month.
• BTC crossed $80,000 for the first time in three months, absorbing heavy sell pressure without a price breakdown.
• New buyers entering at $80K are unlikely to sell at a loss quickly, creating a stronger price support floor.
• Santiment data shows profit-taking during price strength historically signals mid-bull momentum, not a market top.

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Bitcoin realized profits surged to their highest level in a month as the asset crossed the $80,000 mark for the first time in three months.

On Sunday, the network recorded net realized profits of $207.56 million. Analysts view this as a constructive signal for the market.

The data comes from on-chain analytics firm Santiment, which tracks profit and loss activity across the Bitcoin blockchain in real time.

Strong Demand Absorbs Heavy Sell Pressure

Realized profit measures the difference between what a holder paid for Bitcoin and its current value at the time of movement.

When coins bought at $50,000 move on-chain after Bitcoin crosses $80,000, that gap becomes recorded profit. Santiment shared the data on Sunday, noting the chart reflects total network-wide gains and losses over a given period.

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The $207.56 million in realized profits occurred while Bitcoin was climbing, not falling. That timing matters because it shows buyers absorbed hundreds of millions in sell-side pressure without the price breaking down.

Markets that hold firm under heavy profit-taking tend to reflect strong underlying demand rather than speculative weakness.

According to Santiment, “when a high level of profit taking occurs while markets are on the rise, it’s generally a bullish signal that the uptrend can continue.”

📈 Bitcoin’s net realized profits hit +207.56M on Sunday, the highest mark in a month. When a high level of profit taking occurs while markets are on the rise, it’s generally a bullish signal that the uptrend can continue.

🧐 When someone moves Bitcoin on the blockchain, we can… pic.twitter.com/CBDyXEAuJk

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— Santiment Intelligence (@SantimentData) May 4, 2026

This pattern has historically appeared more in the middle stages of bull markets than at their peaks. The price response to Sunday’s selling supports that view.

The fact that Bitcoin held and pushed higher despite the volume of exits tells a straightforward story. Buyers were ready and willing to step in at those prices.

That kind of demand absorption is often treated as a market resilience test, and Sunday’s data suggests the market passed it.

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Cost Basis Reset Builds a Stronger Support Floor

One structural outcome of mass profit-taking is a shift in the network’s average cost basis. When long-term holders sell their coins into strength, those coins transfer to new buyers entering at around $80,000. This process raises the average price paid across the network as a whole.

New buyers who entered at $80,000 are statistically less likely to sell at $79,000. They just acquired their position and have little incentive to exit at a loss so quickly.

Over time, this creates a denser support zone beneath current prices, making sharp downside moves harder to sustain.

It is also worth noting that Sunday’s spike was a monthly high, not an all-time record. Bitcoin has absorbed similar and larger profit-taking events in prior cycles and continued moving higher afterward. A moderate profit event that the market shrugs off tends to reflect resilience rather than a top signal.

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Taken together, the on-chain data points to a market that is digesting supply efficiently. The combination of rising prices, elevated realized profits, and strong demand absorption presents a relatively steady picture for Bitcoin heading into the days ahead.

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Western Union launched its U.S. Dollar Payment Token (USDPT) on Solana today. Anchorage Digital Bank issues the asset, which routes regulated digital dollars through the company’s 400,000-agent global network.

Anchorage is the first federally chartered crypto bank in the United States. Western Union’s existing compliance and payout infrastructure handles the rest, giving USDPT a footprint no crypto-native stablecoin owns.

Western Union Builds Crypto’s Largest Cash Off-Ramp With USDPT on Solana

The launch shifts the conversation from blockchain mechanics to physical reach. Tether (USDT) and USD Coin (USDC) together control roughly 80% of the $321 billion stablecoin market.

Neither owns retail cash points in Manila, La Paz, or Lagos. Western Union runs hundreds of thousands of agent locations across 200 countries. Most sit in regions where banking access stays thin.

Tether and Circle compete on yield and integrations across DeFi protocols. Neither has built a parallel network of physical retail outlets in emerging markets.

From Settlement to Consumer Spending

USDPT first targets internal treasury and agent settlement. The setup replaces correspondent banking flows with near-instant transfers on Solana.

Pilot corridors include the Philippines and Bolivia, two high-volume remittance markets.

A consumer product called Stable by Western Union arrives in 2026 across 40 countries. The Digital Asset Network will connect licensed exchanges and custodians to the agent payout system. Fireblocks provides the settlement infrastructure.

Whether USDPT dents Tether’s dominance is the wrong question. The bigger one is what Western Union has shown. Owning the token and the last mile lets the company capture float and reach customers far from any exchange.

The post Western Union’s USDPT Hands Crypto a 500,000-Location Cash Network on Solana appeared first on BeInCrypto.

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