Bitcoin Price Dips to $67K as Middle East Tensions and Tether Drama Shake the Crypto Market
- Mary-Kate OlsenOriginal
- 2024-10-26 19:16:22968browse
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.
Bitcoin price dropped on Saturday, October 22, 2024, as إسرائيل attacked Iran in response to the latter’s large-scale ballistic missile strike on October 1. The BTC price fell 1% in the last 24 hours, attempting to stay above the $66.9-67K range amid the Middle East tensions.
Meanwhile, the whole crypto market cap plunged around 1.5% in the last 24 hours, as coins moved sideways with slight losses. On the other hand, the world’s largest stablecoin, Tether (USDT), also saw some troubling news.
According to reports, U.S. authorities are looking into possible sanctions and money-laundering issues with Tether. These rumors come after the company was fined $41 million by the CFTC last year for lying about its dollar reserves.
On the other hand, Tether’s CEO Paolo Ardoino quickly denied these reports, stating that the firm is “not under any US government investigation.”
However, these rumors and the recent إسرائيل attacks on Iran have cast a shadow over crypto markets, causing some traders to be wary of the market.
Bitcoin Price Drops After Israel Launches Attacks On Iran
The Bitcoin price dropped on Saturday after Israel launched attacks on Iran in response to the latter’s large-scale ballistic missile strike on October 1. We saw earlier how these major region troubles tend to hit crypto prices.
Back on October 1, the market jittered 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.
The Bitcoin price plunged today after Israel launched attacks on Iran in response to Iran’s large-scale ballistic missile strike on October 1.
However, this crash is likely to be short-term. Notably, on April 19, during Israel’s first strike against Iran in the 2024 conflict… pic.twitter.com/OCeLvm9viy
As reported earlier, Iran launched over a dozen ballistic missiles at Israeli positions in Erbil, Iraq, on October 1. The attack was carried out by Iran’s Islamic Revolutionary Guard Corps (IRGC) in response to an earlier Israeli strike that killed IRGC Colonel Hassan Sayyad Khodaei in Tehran on May 22.
The Israeli military said it struck IRGC targets in Syria on Saturday, following an earlier report by Syrian state media that Israeli missiles had hit an area near Damascus International Airport.
“The strike targeted an IRGC weapons depot at Damascus International Airport and an IRGC training camp in the area,” the Israeli military said in a statement.
“The strike was carried out in response to Iran’s failed attempt to launch several drones from Syria at Israeli territory on Friday,” the statement added.
The Israeli strikes on Iran come amid heightened tensions between the two countries over Iran’s nuclear program and its support for armed groups in the region.
Bitcoin’s Attempting to Stay Above $67K
Bitcoin price drops haven’t been huge, but they’re enough to keep traders on their toes, especially with everything else going on. Bitcoin is trying to hold its ground above $67K, but with everything going on, the market might stay jumpy for a bit.
We're keeping an eye on the Bitcoin price, which is attempting to stay above the $66.9-67K range amid the Middle East tensions. The whole crypto market cap plunged around 1.5% in the last 24 hours.
On the other hand, the world's largest stablecoin, Tether (USDT), also saw some troubling news.
According to reports, U.S. authorities are looking into possible sanctions and money-laundering issues with Tether. These rumors come after the company was fined $41 million by the CFTC last year for lying about its dollar reserves.
On the other hand, Tether’s CEO Paolo Ardoino quickly denied these reports, stating that the firm is “not under any US government investigation.”
However, these rumors and the recent إسرائيل attacks on Iran have cast a shadow over crypto markets, causing some traders to be wary of the market.
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