Investing.com– Bitcoin rose slightly on Monday after posting a muted performance over the weekend, as its rally toward all-time highs was hampered by a report that the U.S. government was investigating the bitcoin giant. stablecoins.
Cryptocurrency prices received some support from improving risk appetite after Israel's attack on Iran was less severe than feared. Sentiment was also slightly helped by Hong Kong's proposal for a tax holiday for digital and crypto assets.
But uncertainty over the US election and interest rates still weighed on crypto markets, keeping most major currencies trading in a tight range.
rose 0.9% to $67,719.5 at 01:06 CET (05:06 GMT).
Bitcoin Stagnates Below $70,000 Following Justice Department Report Investigating Tether
The world's largest cryptocurrency stalled over the weekend as a push towards $70,000 was stalled by a Wall Street Journal report that the US Department of Justice was investigating Tether for possible money laundering. and sanctions violations.
Tether is by far the largest stablecoin issuer and plays a key role in global cryptocurrency trading with its token, which is treated as an analogue of the dollar in cryptocurrency markets. Any regulatory action against the company presents significant obstacles for the crypto markets.
While Tether denied knowledge of the investigation, fears of regulatory action weighed on cryptocurrency prices, pushing Bitcoin away from $70,000 over the weekend.
Hong Kong proposes tax exemption for cryptocurrencies
Hong Kong officials on Monday proposed regulatory guidelines for the use of artificial intelligence, which also include possible tax exemptions for digital assets.
While officials did not reveal specific details about the planned policies, they said they would be implemented by the end of the year.
Hong Kong still allows cryptocurrency trading, even after China banned the industry in 2021. Earlier this year, the city had approved spot cryptocurrency exchange-traded funds, although their launch had little influence on cryptocurrency markets. wider.
Cryptocurrency price today: altcoins hold firm
Broader cryptocurrency prices moved little on Monday, with major altcoins moving in a flat-to-low range after posting losses over the past week.
The world's No. 2 cryptocurrency held steady at $2,482.04, while SOL rose 0.6% after outperforming its peers last week.
and fell between 0.4% and 2%, while among meme tokens, it rose 3.9%.
