This week, BTC's dominance continued to rise, reaching a new high of 59.75%. In contrast, the ETHBTC exchange rate fell below the key support of 0.03850, dropping 5.85% to a low of 0.03625. We believe that as BTC approaches its ATH level, BTC's dominance may continue to rise in the short term.
Reports of the US government's investigation into Tether led to a significant drop in the price of the USDT stablecoin. USDT fell to a low of 0.9965, then rebounded to above 0.9980 this week. So far, Tether CEO Paolo Ardoino has denied these allegations, and it remains to be seen whether these allegations will be confirmed, as this is not the first time Tether has been subjected to such scrutiny.
In the Middle East, tensions continued to escalate as Israel launched retaliatory strikes against Iran for missile attacks earlier this month. The Dow Jones Industrial Average and S&P 500 Index fell 0.61% and 0.03% respectively. Cryptocurrencies subsequently fell, with BTC briefly dipping below $65,500.
As the week draws to a close, the focus is now on the upcoming non-farm payroll data to be released next Friday, which will provide further insights into the Federal Reserve's next move. Currently, the probability of a 25-basis-point rate cut in November is 95.1%, and the market expects no surprises.
