Bitcoin Slides to Two-Week Low as Trump Sets Sunday Iran War Deadline

Bitcoin dropped to a two-week low near $76,500 on May 23 as President Trump set a Sunday deadline to choose between an Iran nuclear deal or military action, rattling crypto markets. The selloff caps a week that began with Iran's May 16-18 launch of 'Hormuz Safe,' a Bitcoin-backed maritime insurance platform targeting $10 billion in annual revenue to bypass Western sanctions. Chainalysis data released May 18 revealed IRGC-linked wallets received at least $3 billion in crypto during 2025, predominantly via stablecoins, while a May 21 report estimated Iran's total crypto holdings at $7.7 billion. A May 22 report then escalated compliance fears by alleging billions in IRGC-linked transactions continued flowing through Binance into this month, with staff who raised concerns reportedly fired.