Crypto Rally Foiled by Report of DOJ Probe of Tether
Summary
Cryptocurrency prices fell during U.S. afternoon hours after a Wall Street Journal report suggested the U.S. is investigating Tether for sanctions and anti-money laundering violations. Stablecoins, like Tether, are pegged to assets such as the U.S. dollar, with Tether being the most widely used, having a market cap over $120 billion. Bitcoin's price, which had been rising earlier, dropped to $66,500 following the news, down nearly 2% in 24 hours, before slightly recovering to $66,800. The CoinDesk 20 Index also fell by 2.3%. Tether's CTO Paolo Ardoino dismissed the report as "regurgitating old noise," denying any investigation.
