Bitcoin Holds Steady Amid Geopolitical Tensions While Ethereum Declines

Bitcoin (BTC) continues to hold above $60,000 despite rising geopolitical tensions, while Ethereum (ETH) has dropped 4% to $2,350.

The crypto market is feeling the effects of recent Iranian airstrikes on Israel, which have created uncertainty for riskier investments.

Interestingly, whale investors are actively accumulating Bitcoin, signaling hopes for a future rally, according to Ki Young-Ju, founder of CryptoQuant. In contrast, the broader crypto market has seen a decline of over 1.95%, with Bitcoin ETFs experiencing significant outflows of $91.76 million, while Ethereum ETFs gained $14.45 million, breaking their two-day outflow streak.

Look at how fiercely the new whales are stacking #Bitcoin; this market has never seen such accumulation. pic.twitter.com/o314O54G0a

— Ki Young Ju (@ki_young_ju) October 2, 2024

XRP suffered a major blow, plummeting more than 10% within 24 hours following the SEC’s announcement to appeal a court ruling that had limited its regulatory power over crypto markets.

The biggest losers in the past 24 hours are Ethena (ENA) and Fantom (FTM), losing 18% and 14%, respectively.

Overall, the crypto market sentiment remains cautious as investors deal with the intricate influences of geopolitical events, regulatory shifts, and industry-specific developments.

Alexander Zdravkov