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The cryptocurrency market experienced a significant downturn. Bitcoin’s price fell by 2%, retreating to the support level of $65,500. Following Israel’s attacks on Iran’s military targets, further declines were observed in altcoins, creating renewed uncertainty in the crypto market and other risk assets.
The Impact of Israel’s Strikes on Iran on the Crypto Market
Tensions in the Middle East escalated with Israel’s “decisive strikes” on Iran’s military bases. Media reports indicated several powerful explosions were heard in Tehran, Iran’s capital. This development triggered panic in the crypto market, leading to a wave of selling among traders.
The Effect of Tether Investigation on Bitcoin and Altcoins
The U.S. Department of Justice’s investigation into Tether contributed to another decline in the crypto market. The issuer of the USDT stablecoin rejected these new allegations, claiming they were reported irresponsibly. However, the report led to Tether losing its USD parity, with USDT trading at $0.9983, down 0.11% at press time.
This pressure on Bitcoin 
$104,231 and altcoins caught the attention of market analysts. Benjamin Cowen indicated that altcoins might face further declines in the upcoming months. While Bitcoin has historically recovered quickly after previous attacks, altcoins appear to be more fragile.
Meanwhile, Hilary Allen, a law professor at American University, commented on the implications for the crypto sector, stating that Tether’s collapse would be disastrous for the crypto economy. Jeff Dorman, Arca’s chief investment officer, suggested that the market has become resilient to such regulatory developments, predicting minimal long-term effects.
Recent developments indicate that volatility in the crypto market may continue. Traders remain cautious in the face of geopolitical risks and regulatory news, making it essential for market participants to stay vigilant in this uncertain environment.
