Key Takeaways
- Bitcoin remains stable above $61,100 with significant whale buying activity.
- XRP’s value drops over 10% amid SEC’s appeal against a regulatory ruling.
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Bitcoin (BTC) has managed to maintain its position above $61,100 despite ongoing geopolitical tensions, while Ethereum (ETH) experienced a 4% drop to $2,390. The crypto market continues to grapple with the aftermath of Iranian airstrikes on Israel, which has dampened enthusiasm for risk assets.
Despite the overall market downturn, significant whale accumulation of Bitcoin suggests anticipation of a future bull 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 saw a decline of over 3% as investors continued to sell off major cryptocurrencies. Bitcoin ETFs experienced outflows of $91.76 million during Wednesday’s US trading session, while Ethereum ETFs bucked the trend with inflows of $14.45 million, breaking a two-day streak of outflows.
XRP faced a significant setback, plunging more than 10% in the past 24 hours following the SEC decision to appeal a court ruling that had restricted its ability to regulate crypto markets. The SEC will ask the 2nd U.S. Circuit Court of Appeals to review the July 2023 decision that determined XRP tokens sold on public exchanges did not meet the legal definition of a security.
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