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Cryptocurrency News Articles
Bitcoin Stalls Under $70K on Report of DOJ Probing Tether
Oct 28, 2024 at 01:42 pm
The world's biggest cryptocurrency stalled over the weekend as a push towards $70,000 was stalled by a Wall Street Journal report that the U.S. Department of Justice was probing Tether over potential money laundering and sanction violations.
Bitcoin rose on Monday from recent lows, helped by a report that Israel’s attack on Iran was less severe than anticipated and Hong Kong's proposal for a tax break on crypto. However, broader crypto price action was muted amid uncertainty over U.S. election and interest rate concerns.
Crypto prices took some support from improved risk appetite after Israel’s attack on Iran was less severe than feared. Sentiment was also helped by Hong Kong proposing a tax break for crypto and digital assets.
But uncertainty over the U.S. election and interest rates still weighed on crypto markets, keeping most major currencies trading in a tight range.
Bitcoin rose 0.9% to $67,719.5 by 01:06 ET (05:06 GMT). It slipped to as low as $64,354 on Sunday.
Bitcoin stalls under $70k on report of DOJ probing Tether
The world’s biggest cryptocurrency stalled over the weekend as a push towards $70,000 was halted by a Wall Street Journal report that the U.S. Department of Justice was probing Tether over potential money laundering and sanction violations.
Tether is by far the biggest stablecoin issuer, and plays a key role in global crypto trade with its USDT token, which is treated as a dollar analog in crypto markets. Any regulatory action against the firm presents major headwinds for crypto markets.
While Tether denied any knowledge of the probe, fears of regulatory action weighed on crypto prices, dragging Bitcoin away from $70,000 over the weekend.
Hong Kong proposes crypto tax break
Hong Kong officials on Monday proposed regulatory guidelines for using artificial intelligence, which also include potential tax breaks for digital assets.
While officials did not reveal specific details on the planned policies, they said that the policies would be implemented by the end of the year.
Hong Kong still allows crypto trade, even after China banned the industry in 2021. The city had earlier this year approved spot crypto exchange-traded funds, although their launch had little bearing on broader crypto markets.
Crypto price today: altcoins tread water
Broader crypto prices moved little on Monday, with major altcoins moving in a flat-to-low range after clocking losses through last week.
World no.2 cryptocurrency Ether was flat at $2,482.04, while SOL rose 0.6% after outpacing its peers last week.
ADA, MATIC and XRP fell between 0.4% and 2%, while among meme tokens, DOGE rose 3.9%.
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- Australia's new digital ID scheme falls short of global privacy standards. Here's how it can be fixed
- Oct 30, 2024 at 08:15 am
- The federal government is still developing the system, with a pilot expected to run next year. Known as the “Trust Exchange”, it is part of the Trusted Digital Identity Framework, which is designed to securely verify people’s identities using digital tokens.
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- Maga (TRUMP) Coin Shows Renewed Bullish Signs a Week Before the 2024 United States Presidential Election
- Oct 30, 2024 at 08:15 am
- As of this writing, the Donald Trump-inspired meme coin is trading at $4.49, noting a 35% uptick over the past week. Its technical setup hints at the possibility of an extended rally. This analysis explores why.
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- Shiba Inu (SHIB) Price Shows Signs of Breakout, But Crypto Experts Believe This Low-cost Token (ETFS) Has More Potential to Grow 30,000% First
- Oct 30, 2024 at 08:15 am
- The Shiba Inu price has been an impressive uptick as the crypto market gains stability. Crypto experts have even begun making significant projections as high as 50% for Shiba Inu price in the coming days.
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- Tether Mints $1B USDT on Tron Blockchain, but Tokens Are Still Under "Authorized But Not Issued" Status
- Oct 30, 2024 at 08:15 am
- The newly minted tokens are already available to use, however, they are still under the “authorized but not issued”, meaning that the new billion USDT won’t impact Tether's market capitalization.