This week, the cryptocurrency market experienced significant fluctuations. Bitcoin (BTC) 
$80,339 approached its July peak of $69,500 but failed to surpass it, subsequently declining. Currently, it finds support around the $65,000 level, indicating a period of stagnation.
Strong Inflows into Bitcoin ETFs
This week, Bitcoin ETFs saw total inflows of $997.7 million, marking the third consecutive week of positive entries. This trend indicates strong demand from large investors.
Bitcoin’s market dominance increased to 59.75%. In contrast, the ETH/BTC pair dropped 5.85%, breaking a significant support level of 0.03850 and falling to 0.03625. This suggests that Bitcoin’s influence on the market continues to grow in the short term.
Market Impact from Tether Investigation News
Allegations of an investigation by the U.S. government into Tether (USDT) caused a decline in its price. USDT fell to a weekly low of $0.9965 but later recovered, rising above the $0.9980 level.
Tether’s CEO, Paolo Ardoino, denied these allegations; however, lingering concerns remain in the market due to past scrutiny faced by Tether.
Tensions in the Middle East continue to rise. Following missile attacks earlier this month, Israel retaliated against Iran. These attacks and issues surrounding USDT triggered selling pressure in the markets on Friday, with the Dow Jones Index declining by 0.61% and the S&P 500 by 0.03%. The cryptocurrency market also saw declines, with Bitcoin briefly dropping to $65,500.
As the weekend approaches, attention turns to the non-farm payroll data to be released next Friday. This data is crucial for insights into the Federal Reserve’s potential next moves. The probability of a 25 basis point rate cut expected in November stands at 95.1%, with little surprise anticipated in the market regarding this matter.
