this week cryptocurrency marketThe fluctuations were intense. Bitcoin (BTC) 
$67,091It approached again to $69,500, which was the highest level it reached in July, but could not exceed this level and fell back. It is currently experiencing a stagnant period, finding support at $65,000.
Heavy Flow into Bitcoin ETFs
There were a total of $997.7 million inflows into Bitcoin ETFs this week, marking the third consecutive week of positive inflows continuing. This reveals that demand from large investors is strong.
Bitcoin’s market dominance also increased, reaching 59.75 percent. In contrast, the ETH/BTC parity broke 0.03850, an important support level, and fell 5.85 percent to 0.03625. This indicates that Bitcoin’s influence on the market will continue to increase in the short term.
Investigation News Against Tether Affected the Market
An investigation allegedly initiated by the US government about Tether (USDT) caused a decrease in the USDT price. USDT dropped to $0.9965, the lowest point of the week, but then recovered again and rose above 0.9980 levels.
Tether CEO Paolo Ardoino denied these allegations, but since Tether has faced such scrutiny before, there continues to be uneasiness in the market.
Tension in the Middle East
Tension continues to rise in the Middle East. Israel retaliated against Iran after the missile attacks earlier this month. These attacks by Israel and the problems with USDT caused selling pressure in the markets on Friday. The Dow Jones Index fell by 0.61 percent and the S&P 500 by 0.03 percent. At the same time, there was a decline in the cryptocurrency market and Bitcoin dropped to $65,500 for a short time.
As we approach the end of the weekend, all eyes are on the non-farm employment data to be announced next Friday. This data will give important clues about the next steps the US Federal Reserve (Fed) will take. The probability of a 25 basis point interest rate cut expected in November is at 95.1 percent and no major surprises are expected in the market in this regard.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
