Citing CoinMarketCap, News.Az reports that FOMO related to the “Uptober” rally has caused the price of Bitcoin to soar to $70,000.
However, the recent collapse of technical charts, the possibility of a US Federal Reserve interest rate cut, and the prospect of Donald Trump’s re-election have dampened positive buyer sentiment, while at the same time raising concerns. .
Geopolitical risks impact markets
Bitcoin fell to a 24-hour low of $65,521 on the back of Israel’s retaliatory attacks on Iran and reports that the US Department of Justice is investigating the Tether stablecoin. Israel has used more than 100 aircraft to conduct precision strikes against Iran in response to recent attacks by the Iranian regime against Israeli targets and citizens.
The US government expressed support for ending the conflict ahead of the election. Secretary of State Antony Blinken encouraged Israeli Prime Minister Benjamin Netanyahu to consider plans to negotiate a ceasefire.
Tether’s value loss shakes the market
According to WSJ, the US government is investigating Tether for possible violations of sanctions and anti-money laundering rules. Tether CEO Paolo Ardoino said there was no indication the cryptocurrency company was under investigation.
Derivatives Market Reduces Chances of Bitcoin Reaching $100,000
Options trading on Deribit shows that there is a 9.58% chance that the price of Bitcoin will exceed $100,000 by the December 27 expiration date. This suggests that it may be difficult for Bitcoin to reach new highs in the short term.
Bitcoin is currently trading at around $67,035. Trading volume rose 30% as investors adjusted following recent declines. However, traders have warned that a potential decline could push Bitcoin below $64,000.
The US dollar index (DXY) fluctuated above 104 on the latest macroeconomic data, and the US 10-year Treasury yield fell slightly to 4.242%. Investors may expect stability in DXY and US Treasury yields.
Bitcoin price movements continue to be shaped by geopolitical developments and financial regulations. Investors remain cautious about future market trends.
News.AZ
