Investing.com — Bitcoin rose slightly on Monday after a lackluster weekend performance as its rally to record highs was disrupted by reports that the U.S. government is investigating the stablecoin giant did.
Cryptocurrency prices received some support due to improved risk appetite as Israel’s attack on Iran was not as serious as feared. Hong Kong’s proposed tax cuts on crypto and digital assets also supported sentiment slightly.
However, uncertainty surrounding the US election and interest rates continues to weigh on the crypto market, with most major currencies trading within a narrow range.
By 1:06 a.m. ET (5:06 a.m. Japan time), the stock rose 0.9% to $67,719.5.
Bitcoin stalls below $70,000 on report of Justice Department investigation into Tether
The world’s largest cryptocurrency stalled over the weekend, with its push toward $70,000 stalled by a Wall Street Journal report that the U.S. Department of Justice is investigating Tether for possible money laundering and sanctions violations. did.
Tether is by far the largest stablecoin issuer, and its tokens are treated as an analogue of the dollar in the cryptocurrency market and play a key role in global cryptocurrency trading. Regulatory measures against the company will be a major headwind for the cryptocurrency market.
Tether has denied any knowledge of the investigation, but concerns about regulatory action weighed on crypto prices, sending Bitcoin off the $70,000 mark over the weekend.
Hong Kong proposes virtual currency tax cut
Hong Kong authorities on Monday proposed regulatory guidelines on the use of artificial intelligence, including possible tax breaks for digital assets.
Officials did not provide specific details of the planned policy, but said it would be implemented by the end of the year.
Hong Kong still allows crypto trading even after China banned it in 2021. The city of Hong Kong approved a spot crypto exchange-traded fund earlier this year, but its launch had little impact on the broader crypto market.
Cryptocurrency prices today: Altcoin levels
Broad-based crypto prices were little moved on Monday, with major altcoins trading in a flat-to-low range after posting declines throughout last week.
The world’s second-largest cryptocurrency was flat at $2,482.04, while SOL rose 0.6% after outperforming its peers last week.
which fell between 0.4% and 2%, but rose 3.9% among meme tokens.
