Bitcoin’s Path to $70K Stalls Amid Geopolitical Tensions and Tether Scrutiny
Bitcoin's recent climb to $69,000, partly driven by excitement over October’s rally, has started to lose momentum as new geopolitical and regulatory uncertainties emerge.
The price dropped to around $65,000 amid heightened tensions in the Middle East and concerns over potential U.S. government actions on the USDT stablecoin, Tether.
Geopolitical Tensions Shake Market Confidence
Following targeted airstrikes by Israel on Iranian military sites—retaliation for alleged threats from Iran—global leaders are urging restraint. The U.S. has particularly pushed for a ceasefire to stabilize the region before its upcoming elections. Meanwhile, Donald Trump has gained support for his calls to resolve the Russia-Ukraine conflict, which adds yet another variable to the already fragile international landscape.
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Tether Under Scrutiny as Potential Market Shock
The Wall Street Journal recently reported that Tether may be under investigation for possible sanctions violations, prompting market fears. U.S. authorities are allegedly assessing whether USDT has been used for illegal activities, leading to a temporary loss of Tether’s peg and Bitcoin’s subsequent dip. Tether CEO Paolo Ardoino refuted the claims of an active investigation, though concerns over a potential “black swan” event remain prominent.
Bitcoin’s $100K Prediction in Question
In the derivatives market, projections of Bitcoin hitting $100,000 by year-end are increasingly doubtful. Deribit data shows only a 9.58% chance of Bitcoin reaching that mark by late December, with most options traders expecting a “max pain” price closer to $61,000 as $5.8 billion worth of options approach expiration. These factors cast uncertainty over whether Bitcoin can maintain its October gains as the year closes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
