He bitcoin/ethereum-outperform-bitcoin-solana/” rel=”nofollow noopener” target=”_blank”>bitcoin and ethereum Price have plummeted in the last 24 hours, falling below $67,000 and $2,500, respectively. This price drop came following news about the alleged investigation into USDT issuer Tether. Meanwhile, Israel's attack on Iran was also a contributing factor.
Why the price of bitcoin and ethereum collapsed
bitcoin and ethereum price fell below $67,000 and $2,500 after the The Wall Street Journal report that the US Department of Justice (DOJ) had launched an investigation into the crypto company Tether. US federal investigations They are allegedly investigating the stablecoin issuer for possible violations of sanctions and anti-money laundering regulations.
Additionally, the report also mentioned that the US Treasury is considering sanctioning Tether for doing business with individuals and groups on the US sanctions list. The price of bitcoin and ethereum fell as this news sparked a major sell-off. in the cryptocurrency market due to fear and uncertainty among market participants.
After the report, Paolo Ardoino, CEO of Tether mentioned in a x.com/paoloardoino/status/1849876338573799912″ rel=”nofollow” target=”_blank”>x publication that there was no indication they were under investigation and that the WSJ was simply “regurgitating old noises.” However, that statement was not enough to stop the bleeding, as prices fell even further after its release.
Before the report, the bitcoin price It was again looking to reclaim the $68,000 price level as support, while ethereum price was comfortably above the $2,500 level. However, the implications of the news, if true, were enough to derail the momentum of these cryptocurrencies, as the flagship cryptocurrency immediately fell below $67,000.
In fact, Tether being investigated could have far-reaching impacts on the cryptocurrency market, considering that USDT, which is the largest stablecoin by market capitalization, is widely used throughout the market. It is worth mentioning that the stablecoin lost its peg to the dollar following the Department of Justice investigation report.
Israel's attack on Iran also contributed
Israel's retaliatory attack against Iran also contributed to the decline in bitcoin and ethereum prices. Israel attacked Iran in retaliation for Iran's missile attack earlier this month. This attack occurred in the early hours of October 26, just as the crypto market was trying to recover from the shock wave of the alleged Tether investigation.
Unsurprisingly, Israel's attack on Iran also caused panic in the cryptocurrency market, considering it has once again fueled rising tensions in the Middle East and raised the possibility of a regional war. Iran has yet to confirm whether it will strike back at Israel, but bitcoin and ethereum appear to be responding in anticipation of that happening.
For now, the price breakdown of bitcoin and ethereum is not looking good. popular analyst bitcoin/bitcoin-price-sharp-crash-67000/” rel=”nofollow noopener” target=”_blank”>justin bennett stated in an
This drop in bitcoin and ethereum prices comes just under two weeks before the united states presidential electionswith the cryptocurrency market eagerly anticipating Donald Trump's victory. A Trump victory is considered bullish for the cryptocurrency market because the former US president has publicly declared his support for cryptocurrencies.
Featured image created with Dall.E, chart from Tradingview.com
