Bitcoin Is At $24,000?

Despite a myriad of bitcoin rumors (which we’ll get into below) causing the price to fall in most places, in some places, bitcoin is in fact way up!!

On Iran’s Exir exchange, the price was reported to be as high as 100 million Tomans on Tuesday, which translates to about $24,000 at current prices.

This comes following an announcement that the government is now taking a more favorable stance towards crypto mining.

In a strange way, the dynamics of supply and demand are working contrary to what’s happened recently with Iranian oil. When Obama relaxed Iranian sanctions, it suppressed the price of oil, as the market was expecting more supply to come online.

Here, however, the price has shot up. This is seemingly due to the excitement in the country that the government is moving towards acceptance of cryptocurrencies, in a place where the home currency can is not always seen as a stable store of value.

Today’s Highlights

Traditional Markets

The renewed drama surrounding the regulation of social networks seems to have depressed the stocks yesterday. 

The CEO of Twitter, Jack Dorsey, and the COO of Facebook Sharyl Sandberg, were grilled by Congress yesterday. It now looks more likely that US politicians are interested in pursuing tighter regulations on the tech giants.

Google was also invited to join the meeting but unfortunately, their chair remained empty. The fact that people are starting to ask the tough questions and that citizens and governments are demanding answers seems to have brought down the tech-heavy Nasdaq index yesterday.

The Next Victim

US Dollar strength continues to wreak havoc across the financial markets. We’ve mainly been focused on the smaller currencies of late but it seems that yesterday even the Australian Dollar has reached fresh lows.