Iran Tanker Attacks Push Oil Higher and Bitcoin Lower | CoinDesk Daily

Jennifer Sanasie (0:00)

Bitcoin slides after Iranian attacks on tankers in the Strait of Hormuz, and Pudgy Penguins is pulling the plug on its blockchain. This is CoinDesk Daily.

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Bitcoin fell to just above $84,000 following stepped-up Iranian attacks on tankers in the Strait of Hormuz. The largest crypto by market cap traded near $86,600 on Tuesday before the sharp drop early Wednesday. FxPro says the $83,000 level would signal sellers are in control. The firm sees a break of that level opening a quick path to $80,000. The company behind Pudgy Penguins is pulling the plug on its blockchain after losing tens of millions of dollars funding it. Abstract, a layer 2 network, will stop operating December 15th. It's the second Ethereum-linked chain to announce a shutdown in less than a week following blast. CEO, Lucanet, said parent company Igloo could have launched a token or pursued an ICO, but decided against taking any more from the Pudgy Penguins business. And wallets linked to the US government moved more than $100 million in crypto on Tuesday, according to Argum. About $834 Bitcoin worth $71.6 million landed in Coinbase Prime Deposit Addresses. A separate wallet moved $31.63 million in BNB. Transfers like this often spark fears of a sale, but a March executive order says forfeited Bitcoin is meant to be held in a strategic Bitcoin reserve. The government still holds about $27.5 billion in crypto. Get more updates on coindesk.com. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com/thestack. Navigate digital asset risk with independent insight from S&P Global Ratings. Learn more at spglobal.com/ratings.