Bitcoin briefly drops below $25,000, Tether’s stablecoin falls under its dollar peg
Cryptocurrency prices fell after the Federal Reserve’s June meeting, with $Bitcoin(BTC.CC$ falling below $25,000 for the first time since March.
And selling pressure weighed on $Tether(USDT.CC$ , which lost its peg to the U.S. dollar on most exchanges Thursday, falling to 99 cents in its biggest drop since November.
Bitcoin cut most of its Thursday morning losses in the afternoon as traders mulled the possibility of the first spot bitcoin ETF in the U.S., following a CoinDesk report that BlackRock, the world’s largest asset manager, is close to filing an application for a bitcoin ETF. The report was light on detail, however, and didn’t specify how it would get exposure — whether by tracking spot bitcoin or bitcoin futures.
The initial slide began late Wednesday, after the Federal Reserve ended its June meeting and decided to leave interest rates unchanged for now, but said two more may be in store by yearend.
The initial slide began late Wednesday, after the Federal Reserve ended its June meeting and decided to leave interest rates unchanged for now, but said two more may be in store by yearend.
Price action has been tepid this week while sentiment has been negative after the Securities and Exchange Commission put a chill on the industry by suing Coinbase and Binance and called into question the regulatory status of several popular coins it deemed "crypto asset securities." That was the latest development in an ongoing crackdown by regulators that's weighed on the industry since the start of the year.
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