The post Why Did The Bitcoin And Ethereum Price Crash? appeared on BitcoinEthereumNews.com.

The Bitcoin and Ethereum price have crashed in the last 24 hours, dropping below $67,000 and $2,500, respectively. This price crash came following news about the alleged investigation into the USDT issuer Tether. Meanwhile, Israel’s attack on Iran was also a contributory factor.  Why The Bitcoin And Ethereum Price Crashed The Bitcoin and Ethereum price crashed below $67,000 and $2,500 following the Wall Street Journal’s report that the US Department of Justice (DOJ) had launched an investigation into the crypto firm Tether. US federal investigations are allegedly investigating the stablecoin issuer for possible violations of sanctions and anti-money laundering rules.  Additionally, the report also mentioned that the US Treasury is considering sanctioning Tether for doing business with individuals and groups on the US sanctions list. The Bitcoin and Ethereum price fell as this news sparked a major crypto market selloff due to fear and uncertainty among market participants.  Following the report, Tether CEO Paolo Ardoino mentioned in an X post that there was no indication that they were under investigation and that the WSJ was simply “regurgitating old noise.” However, that statement wasn’t enough to plug the bleed, seeing as prices fell further after his post.  Before the report, the Bitcoin price was again looking to reclaim the $68,000 price level as support while the Ethereum price was comfortably above the $2,500 level. However, the implications of the news if true was enough to derail these crypto’s momentum seeing as the flagship crypto immediately slid below $67,000.  Indeed, Tether being investigated could have far-reaching impacts on the crypto market, considering that USDT, which is the largest stablecoin by market cap, is widely used across the market. It is worth mentioning that the stablecoin lost its dollar peg following the report of the DOJ’s investigation.  Israel’s Attack On Iran Also Contributed…

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Filed under: News - @ October 26, 2024 10:05 pm