Bitcoin holds near $82,500 as US targets Iran-linked crypto and Tether

Bitcoin held near $82,500 late on 9 October, keeping most of its Iran-driven rebound while regulators and lawmakers turned up the pressure on parts of the crypto industry. The US Treasury said it plans to seize $1 billion in Iran-linked crypto, and Tether drew fresh questions from a THORChain executive and a US senator.

Bitcoin

Bitcoin traded at $82,484 in the CoinGecko snapshot taken at 00:48 UTC on 10 October. That is up 0.81% over 24 hours but down 2.35% over seven days. The 24-hour range ran from $81,572 to $83,398, and trading volume was $26.2 billion.

The price is slightly below the $82,813 in our previous recap, so the rebound has paused rather than extended. Decrypt reports that Bitcoin bounced after dipping to around $80,000, but traders are placing increasingly high odds that it slips further before October ends. Chart: BTC/USD.

Ether and the majors

Ether traded at $2,487.45, up 0.31% on the day but down 6.82% on the week. Most large caps posted small daily gains, while weekly losses remain deep. Cardano stood out again with a 5.3% daily rise, the only coin in the group that is positive over seven days.

Solana was flat on the day and has the weakest weekly showing in the table.

Breadth and sentiment

Total crypto market capitalisation stood at $2.798 trillion. CoinGecko shows it down 1.86% over 24 hours, even as the largest coins edged up. Bitcoin dominance was 59.1% and Ether dominance 10.8%.

The Crypto Fear & Greed Index rose to 64 from 59 a day earlier, staying in "Greed". It remains below the 73 reading on 6 October, so the week's trend is still lower despite the bounce.

News drivers

Iran-linked seizures

According to Cointelegraph, Treasury Secretary Scott Bessent said the US plans to seize $1 billion in crypto linked to Iran this week, as part of several sanctions-related digital asset seizures.

Tether under scrutiny

Cointelegraph reports that THORChain technical co-founder Chad Barraford accused Tether of freezing USDT vaults and then unfreezing them without explanation. Separately, Decrypt reports that Senator Richard Blumenthal wants Cantor Fitzgerald to open its records on Tether and on how much Commerce Secretary Howard Lutnick's family has earned from the deal.

Prediction markets and the CFTC

The CFTC is proposing a formal rule to treat certain event contracts, such as those on Kalshi, as swaps under its oversight, CoinDesk reports. Decrypt says Blockchain.com has filed for designated contract market and futures commission merchant licenses to run its own event-contract venue.

Other headlines

• Starknet jumped 20% after saying it is "actively considering" becoming its own blockchain, according to Decrypt.
• New York secured up to $35 million and a lifetime crypto industry ban from former Celsius CEO Alex Mashinsky, CoinDesk reports.
• DWF Labs subsidiaries are suing BitGo for $141 million in London over alleged early token sales, per CoinDesk.

What to watch next

1. Whether the Treasury completes the $1 billion Iran-linked seizure Bessent flagged for this week.
2. Progress on the CFTC event-contract rule and Blockchain.com's license applications, as courts weigh prediction market cases.
3. Any response from Tether or Cantor Fitzgerald to the THORChain claims and Blumenthal's request.
4. Trader positioning for further Bitcoin downside before month-end, which Decrypt says is rising.
5. Zcash developers' January target for quantum-resistant payments, reported by CoinDesk.