of Bitcoin and Ethereum prices They have crashed in the past 24 hours, falling below $67,000 and $2,500 respectively. The price crash followed news of an alleged investigation into USDT issuer Tether. Meanwhile, Israel's attack on Iran was also a contributing factor.
Why Bitcoin and Ethereum prices crashed
After that, the price of Bitcoin and Ethereum fell below $67,000 and $2,500. Wall Street Journal report The US Department of Justice (DOJ) announced that it has begun an investigation into the cryptocurrency company Tether. US federal investigation The company is said to be investigating stablecoin issuers for possible violations of sanctions and anti-money laundering regulations.
The report also noted that the U.S. Treasury Department is considering sanctions against Tether for doing business with individuals and entities on U.S. sanctions lists. Bitcoin and Ethereum prices fell as this news triggered a massive decline in the cryptocurrency market due to fear and uncertainty among market participants.
After receiving the report, Tether CEO Paolo Ardoino mentioned in ×post There's no indication they're being investigated, and the Journal said they're just “regurgitating old noise.” However, this statement was not enough to stem the bleeding, given that prices fell further after his post.
Before reporting, bitcoin price While Ethereum price was comfortably above the $2,500 level, it was once again trying to reclaim the $68,000 price level as support. However, if this news were true, the impact of this news was enough to derail the momentum of these cryptocurrencies, as they instantly fell below $67,000.
Indeed, Tether, which is the subject of research, could have far-reaching implications for the crypto market, given that USDT, the largest stablecoin by market capitalization, is widely used across markets. It is worth mentioning that the stablecoin lost its dollar peg following the Department of Justice investigation report.
Israel's attack on Iran also contributed
Israel's retaliatory attacks on Iran also contributed to the collapse in the prices of Bitcoin and Ethereum. Israel attacked Iran in retaliation Iranian missile attack Early this month. The attack occurred in the early morning hours of October 26, just as the cryptocurrency market was recovering from the shockwaves of the Tether investigation.
As expected, Israel's attack on Iran also caused panic in the cryptocurrency market, given that it once again inflamed rising tensions in the Middle East and raised the possibility of a regional war. While Iran has not yet confirmed whether it will strike back against Israel, Bitcoin and Ethereum appear to be reacting in anticipation of a counterattack.
As of now, the price breakdown of Bitcoin and Ethereum is not looking good. popular analyst Justin Bennett X's post states that if this breakdown pattern continues into the weekend, next week's pullback will be a sell.
This collapse in the prices of Bitcoin and Ethereum is due to american presidential electionthe crypto market is eagerly predicting Donald Trump's victory. Trump's victory is seen as bullish for the crypto market, as the former US president has publicly expressed his support for cryptocurrencies.
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