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Bitcoin (BTC) price experienced very active moments with the impact of the news flow from yesterday evening. The market, which was shaken by the Tether (USDT) news in the evening hours, moved again with Israel’s attack on Iran in the night hours.
US Department of Justice Allegedly Under Scrutiny of Tether, BTC Price Drops
While the Bitcoin price continued at its normal level, a news that caused a sharp decline in the markets came in the evening hours yesterday. According to the Wall Street Journal, the US Department of Justice has begun investigating allegations that the popular stable cryptocurrency Tether is doing business with groups on the sanctions list.
According to the report, Tether could be penalized for doing business with groups on the US sanctions list. During these developments, the Bitcoin price fell from $67,780 to below $66,000. Then, after Tether CEO Paolo Ardoino stated that there was no evidence that Tether was being investigated in the WSJ report and the company’s official website denied the allegations, the BTC price rose again to $67,500.
No statement has been made by the US Department of Justice regarding the allegations in the WSJ. Although WSJ is known as an important media organization worldwide and it is thought that it would not cause such speculation in vain, the fact that the incident has not yet been confirmed strengthens the claim that the news is false.
Israel Retaliates Against Iran, Bitcoin Dumped
At 02:05 on the night between Friday and Saturday, the long-awaited Israeli retaliatory strike against Iran began. As a result of missile strikes from Iraqi airspace, some areas in Tehran were hit. As the markets thought that this could cause a regional war, the Bitcoin price reacted quickly to the developments and fell as low as $65,800.
Later in the night, after the Israeli retaliatory strike was more limited than expected and Iran did not retaliate, Bitcoin rebounded to $67,000, returning to the price band before the news.
If there is no counterattack from Iran, the Middle East crises may not affect the Bitcoin price for some time. The clearest agenda that could affect the cryptocurrency and Bitcoin markets is the upcoming US elections.
The Latest Situation in Bitcoin Price!
On the Bitcoin side, we have seen a move to buy lower liquidities and with this reaction, we are seeing a rise in prices. The important level for us is 66,200; this is a critical area that should not be lost. If this level is broken, it may be inevitable to see a decline to the 63,000 level.
We also entered the US election process. November 5th will be an important day for Bitcoin. According to the analysis of political polling companies, there are small differences between Trump and Kamala Harris. According to Polymarket data, Trump, who is a crypto supporter, is currently ahead by far.
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