Cryptocurrency prices, which initially rose on Friday, reversed course sharply in light of a Wall Street Journal report announcing a probe into Tether for sanction violations.
Tether, the largest stablecoin by market cap, was previously experiencing a price surge, with bitcoin approaching $69,000, before plummeting to $66,500 shortly after the news broke.
Despite the mention of an investigation, Tether's CTO asserted that the Wall Street Journal's report was merely "regurgitating old noise" and stressed that Tether is not under investigation.
The CoinDesk 20 Index fell by 2.3% as the cryptocurrency market reacted negatively to the potential implications of the investigation into Tether.
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