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.
Mike Novogratz, the CEO of Galaxy Digital, recently highlighted a new potential catalyst for Bitcoin’s price growth.
Ethereum is facing renewed skepticism as Ether prices drop and a notable whale has begun selling off substantial amounts of ETH acquired during the 2014 initial coin offering.
Binance, the largest cryptocurrency exchange globally, is considering delisting five altcoins due to their heightened volatility.
Cryptocurrency expert il Capo of Crypto has revised his outlook in light of Bitcoin’s recent downturn and the sluggishness in the broader market.