This Week in Crypto: Bitcoin (BTC) Market Dominance Spiked, Tether (USDT) Faced Scrutiny

This past week brought heightened volatility across the crypto market. Bitcoin (BTC) attempted but ultimately failed to break through its previous high

Bitcoin (BTC) price action saw a roller coaster of events over the past week. After failing to break through its previous high of $69,500, BTC found solid support at $65,000, revisiting the level twice before consolidating around it.

Related Reading | Bitcoin Dominance Nears Yearly Highs, Delaying Altcoin Season

Bitcoin Price Action Attempts To Hold At $65K As Key Macro Data Looms Bitcoin price action saw a roller coaster of events over the past week. After failing to break through its previous high of $69,500, BTC found solid support at $65,000, revisiting the level twice before consolidating around it.

Bitcoin’s market dominance climbed to a weekly high of 59.75%, further delaying the prospect of the much-anticipated altcoin season. This rise in dominance also impacted Ethereum (ETH).

The ETH/BTC trading pair broke key support at 0.03850 and slumped by 5.85% to reach 0.03625. Market sentiment suggests that Bitcoin’s dominance could persist as it approaches all-time high levels.

Institutions Continue To Show Strong Interest In Bitcoin

Despite the volatility in the crypto market, institutional interest in Bitcoin remained strong throughout the week. Net inflows into Bitcoin ETFs reached an impressive $997.7 million, marking the third consecutive week of positive movement.

These inflows occurred almost every day of the week, except for Tuesday when Bitcoin revisited the $65K level. Furthermore, the demand for U.S. spot Bitcoin ETFs reached a six-month high, with net inflows of approximately $4.4 billion in the past 30 days.

Bitcoin ETFs have now seen a total of $22 billion in net flows since January, highlighting the sustained interest from large-scale investors in the world’s leading digital asset.

Tether Faces Renewed Scrutiny As Stablecoin Price Dips To $0.9965 The world’s largest stablecoin, Tether (USDT), faced renewed scrutiny amid reports of a possible U.S. government investigation into the company. These allegations caused some turbulence in the stablecoin market.

At one point during the week, the price of USDT dropped down to $0.9965 before quickly rebounding to the $0.9980 range. It recovered from this low and continued trading around $0.997 to $0.998.

Tether’s CEO, Paolo Ardoino, has denied the claims of any investigation, but concerns remain due to Tether having faced similar scrutiny in the past.

Geopolitical Tensions Impact Markets, Non-Farm Payroll Data In Focus

In other news, geopolitical tensions also affected the global and crypto markets. In the Middle East, escalating hostilities saw Israel launch retaliatory strikes against Iran following missile attacks earlier in the month.

These developments drove some selling pressure in the markets, with the Dow Jones Industrial Average (DJIA) and S&P 500 dipping by 0.61% and 0.03%, respectively. BTC also briefly fell to $65,500 amidst the market unease.

Now, attention turns to the upcoming non-farm payroll data due Friday, which will shed light on potential Federal Reserve actions. Current market odds suggest a high 95.1% likelihood of a 25 basis point rate cut in November, with investors hoping for minimal surprises.

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