The whole week has not been a pleasant one for crypto traders, and the weekend didn’t start better either. Bitcoin, along with altcoins, were moving sideways.
In the last 24 hours, the BTC price dipped 1% while the whole crypto market plunged around 1.5%. This means the Bitcoin price is now trying to stay above the $66.9-67K range. Let’s explore two possible reasons for this dip.
What you'll learn 👉
Middle East Tensions Shake the Market
Recent developments in the Middle East have cast a shadow over crypto markets. Reports of Israeli attacks on Iran triggered a sharp drop in Bitcoin’s price.
We’ve seen this before – whenever there’s trouble in major regions, crypto prices tend to take a hit. This isn’t the first time either – back on October 1, we saw similar market jitters after an earlier strike and missile attack. While Bitcoin usually bounces back from these kinds of events, right now traders are playing it safe and watching how things unfold.
Tether Drama Adds to Market Worries
As if geopolitical tension wasn’t enough, crypto traders are also dealing with some Tether drama. Word got out that U.S. authorities might be looking into Tether, the company behind USDT stablecoin. The rumors suggest they’re checking out possible sanctions and money-laundering issues – pretty serious stuff for the crypto world’s biggest stablecoin.
Tether’s CEO Paolo Ardoino jumped in quickly to say these reports aren’t true, but the damage was already done. Since USDT is such a big deal in crypto trading – lots of traders use it to move money around exchanges – even just rumors can make people nervous.
Right now, the market’s dealing with both these issues at once. While the Bitcoin price drops haven’t been huge, they’re enough to keep traders on their toes. Bitcoin’s trying to hold its ground above $67K, but with everything going on, the market might stay jumpy for a bit.
Read also: Can SUI Reach $100 This Crypto Cycle? SUI Price Prediction
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