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

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.