US Treasury targets five economic lifelines including gold and shipping to cripple Iran's money movement

Treasury Secretary Scott Bessent announced a new phase of economic pressure targeting Iran's international money and goods networks. Speaking on August 24, he identified five specific targets: digital assets, technology, gold, aviation, and shipping. He warned that any entity facilitating money laundering for Iran would be removed from the US dollar-based financial system. The US has announced measures against approximately 60 individuals, entities, and vessels. However, enforcement stops short of targeting major Chinese banks. Iran has historically relied on non-formal banking systems involving exchange houses, gold transactions, cryptocurrency, front companies, and opaque shipping to bypass restrictions. The global crypto market capitalization edged down 1.4% to $2.77 trillion. Bitcoin traded near the $79,000 mark, down 1.8% in the past 24 hours. Analysts note that a soft upcoming inflation reading could support renewed rate-cut hopes, while a higher reading would maintain pressure on crypto valuations.