![BitTorrent [New]](https://s2.coinmarketcap.com/static/img/coins/64x64/16086.png)
This week brought significant fluctuations in the crypto market. Bitcoin (BTC) nearly reached its July high of $69,500, peaking at $67,085 before pulling back to around $65,000, finding short-term support and entering a consolidation phase.
Strong Inflows into Bitcoin ETFs
Bitcoin ETFs saw a total inflow of $997.7 million this week, marking the third consecutive week of positive gains. This trend highlights strong institutional demand and investor interest. Bitcoin’s market dominance also increased, hitting 59.75%. Meanwhile, the ETH/BTC pair declined by 5.85%, breaking below a critical support level of 0.03850 to 0.03625. This drop underscores Bitcoin’s growing influence on the market in the short term.
Tether Investigation Shakes the Market
Reports of a U.S. government investigation into Tether (USDT) created a stir, temporarily dropping USDT to a weekly low of $0.9965. Though it recovered above $0.9980, market anxiety remains, fueled by Tether CEO Paolo Ardoino’s denial of the allegations and the ongoing scrutiny surrounding USDT.
Middle East Tensions Impact Markets
Escalating tensions in the Middle East also affected the crypto and broader financial markets. In response to missile attacks earlier this month, Israel retaliated against Iran, increasing regional instability. These developments, combined with the Tether concerns, led to a sell-off on Friday. The Dow Jones fell by 0.61%, while the S&P 500 slipped 0.03%. Bitcoin briefly dipped to $65,500 before stabilizing.
Key Economic Data Awaited
As we approach the weekend, attention turns to next Friday’s U.S. non-farm payroll data, expected to provide clues about the Fed’s future rate moves. The likelihood of a 25-basis-point rate cut in November is now at 95.1%, with no major surprises anticipated.
