Bitcoin Edges Higher Amid Mixed Market Signals and Tether Investigation Concerns
Bitcoin gained slightly on Monday, following a muted weekend as its push towards record highs was dampened by news of a U.S. government investigation into Tether, a major player in stablecoins.
Crypto prices saw some support from improved market sentiment after Israel’s recent attack on Iran turned out to be less severe than anticipated. The announcement of a proposed tax break for digital assets and crypto by Hong Kong also provided a slight boost.
However, uncertainties surrounding the U.S. presidential election and interest rates continued to weigh on crypto markets, keeping most major digital currencies trading within a narrow range. Bitcoin rose 0.9% to $67,719.5 as of 01:06 ET (05:06 GMT).
Bitcoin Slows Under $70,000 as DOJ Investigates Tether
The cryptocurrency’s rise was limited over the weekend after a Wall Street Journal report revealed that the U.S. Department of Justice (DOJ) was investigating Tether over potential money laundering and sanctions violations.
As the largest stablecoin issuer, Tether’s USDT token serves as a dollar analog in the crypto market, playing a crucial role in facilitating global crypto trade. Any regulatory action against Tether could pose a significant obstacle to the market. Tether has denied any knowledge of the DOJ probe, but concerns about potential regulatory measures weighed on crypto prices, holding Bitcoin back from reaching $70,000.
Hong Kong Proposes Tax Break for Crypto
Hong Kong officials on Monday proposed regulatory guidelines that include potential tax breaks for digital assets as part of broader artificial intelligence and digital finance policies. Although details were limited, officials stated that new policies are expected to be implemented by year’s end.
While mainland China banned crypto in 2021, Hong Kong has continued to allow digital asset trading. Earlier this year, it approved spot crypto exchange-traded funds, though these had little impact on the broader market.
Crypto Prices Steady: Altcoins in a Tight Range
Broader crypto prices showed minimal movement on Monday, with most major altcoins trading flat or slightly down after recording losses the previous week.
Ether remained steady at $2,482.04, while Solana (SOL) rose 0.6% following an outperforming week. Other altcoins like Cardano (ADA), Polygon (MATIC), and Ripple (XRP) saw minor declines of between 0.4% and 2%. Among meme coins, Dogecoin (DOGE) gained 3.9%.
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