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The price of Bitcoin 
$105,604 surged to $70,000 due to FOMO related to the ‘Uptober’ rally. However, recent technical chart breakdowns, the potential for U.S. Federal Reserve interest rate cuts, and Donald Trump’s re-election prospects have reduced the positive sentiment among buyers, which coincided with rising concerns.
Geopolitical Risks Affect the Markets
Bitcoin fell to its 24-hour low of $65,521 following Israel’s retaliatory strikes against Iran and reports that the U.S. Department of Justice is investigating Tether‘s stablecoin. Israel has conducted precision strikes against Iran, employing over 100 aircraft in response to recent attacks by the Iranian regime against Israeli targets and citizens.
The U.S. government has expressed support for ending the conflict ahead of the elections. Secretary of State Antony Blinken encouraged Israeli Prime Minister Benjamin Netanyahu to consider plans for ceasefire negotiations.
Tether’s Value Loss Shakes the Market
According to the WSJ, the U.S. government is investigating Tether for potential violations of sanctions and anti-money laundering rules. Tether’s CEO, Paolo Ardoino, stated that there is no indication the crypto firm is under investigation.
Derivative Markets Reduce Bitcoin’s Chance to Reach $100,000
Options trading on Deribit indicates a 9.58% probability that Bitcoin’s price will surpass $100,000 by the expiration date of December 27. This suggests that reaching new highs may be challenging for Bitcoin in the short term.
Currently, Bitcoin is trading around $67,035. Trading volume increased by 30% as investors adjusted after the recent decline. However, traders warn that a potential drop could push Bitcoin below $64,000.
The U.S. dollar index (DXY) fluctuated to exceed 104 following recent macroeconomic data, while the yield on the U.S. 10-year Treasury dipped slightly to 4.242%. Investors may expect stability in the DXY and Treasury yields.
Bitcoin’s price fluctuations continue to be shaped by geopolitical developments and financial regulations. Investors remain vigilant in monitoring the market’s future movements.
