Bitcoin holds steady at $61,000 as whales buy despite geopolitical tension

Share this article

Bitcoin (BTC) managed to hold its position above $61,100 despite continued geopolitical tensions, while Ethereum (ETH) saw a 4% drop to $2,390. The crypto market continues to grapple with the fallout from Iranian airstrikes on Israel, which dampened enthusiasm for risk assets.

Despite the global market decline, the significant accumulation of Bitcoin whales suggests anticipation of a future run. CryptoQuant founder Ki Young-Ju highlighted this trend, noting that influential entities are making sizeable purchases despite the challenging macro environment.

The broader crypto market was down more than 3% as investors continued to sell major cryptocurrencies. Bitcoin ETFs saw outflows of $91.76 million during the US trading session on Wednesday, while Ethereum ETFs bucked the trend with inflows of $14.45 million, snapping a two-day losing streak .

XRP experienced a significant setback, falling more than 10% in the past 24 hours, following the SEC’s decision to appeal a court ruling that restricted its ability to regulate crypto markets. The SEC will ask the US 2nd Circuit Court of Appeals to review the July 2023 ruling that found XRP tokens sold on public exchanges do not meet the legal definition of a security.

In the meme coin sector, MOG, the second largest cat-themed token behind POPCAT, saw little price movement despite being mentioned on Republican candidate Donald Trump’s social media account. A Polymarket prediction market tracking Trump’s mention of “mog” or related terms before December 31 was unchanged at a 13% probability.

Lido’s native token, LDO, has seen a nearly 9% drop following Ethereum’s downward trajectory. Meanwhile, AI tokens saw minimal movement despite OpenAI’s announcement of a $6.6 billion funding round at a $157 billion valuation. The AI ​​token category, which includes NEAR, TAO and ICP, saw a modest decline of 1.8% according to CoinGecko data.

Worldcoin, founded by OpenAI’s Sam Altman but operating independently, also felt the market pressure with a 4% drop. Overall market sentiment remains cautious as investors navigate the complex interplay of geopolitical events, regulatory developments and sector-specific news in the crypto space.

Share this article