Bitcoin 
$67,091 Its price had soared to $70,000 due to FOMO related to the ‘Uptober’ rally. However, the positive sentiment of the buyers, which rose after the breaks in the technical charts, the US Fed interest rate cuts and Donald Trump’s re-election possibilities, decreased with the recent concerns.
Increasing Geopolitical Risks Affected the Markets
Bitcoin fell to a 24-hour low of $65,521 following Israeli retaliatory strikes against Iran and WSJ reports that the US DOJ was investigating USDT stablecoin Tether.
Israel carried out precise and targeted attacks against Iran. More than 100 aircraft have been used in attacks carried out in response to the Iranian regime’s attacks on Israel and its citizens in recent months.
The US government supported ending the war ahead of the elections. US Secretary of State Antony Blinken encouraged Israeli Prime Minister Benjamin Netanyahu to consider a plan to end the war.
Tether’s Loss in Value Shakes the Market
According to WSJ, the US government is investigating Tether due to Tether’s possible violation of sanctions and money laundering rules. Tether CEO Paolo Ardoino explained that there is no indication that the crypto firm is under investigation.
Derivatives Markets Lower the Chances of Bitcoin Reaching $100,000
Bitcoin options trading on Deribit shows a 9.58% chance of the price rising above $100,000 by December 27 expiration. This indicates that it may be difficult for Bitcoin to reach new highs in the short term.
Bitcoin price is currently trading around $67,035. Trading volume increased by 30% with investors adjusting after the decline. However, traders should be careful as a possible decline could cause Bitcoin to fall below $64,000.
The US dollar index (DXY) fluctuated following the latest macroeconomic data and rose above the 104 level. The US 10-year Treasury yield decreased slightly to 4.242%. Investors may be expecting DXY and Treasury yields to stabilize.
Fluctuations in Bitcoin price continue to be shaped by geopolitical developments and financial regulations. Investors continue to carefully monitor the future movements of the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
