Key takeaways
- Bitcoin remains stable above $61,100 with significant whale buying activity.
- XRP value drops more than 10% amid SEC appeal against regulatory ruling.
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Bitcoin (BTC) has managed to maintain its position above $61,100 despite the ongoing geopolitical tensions, while Ethereum (ETH) saw a 4% drop to $2,390. The cryptocurrency market continues to grapple with the fallout from the Iranian airstrikes against Israel, which have dampened enthusiasm for risk assets.
Despite the overall market slowdown, the significant accumulation of Bitcoin by whales suggests the anticipation of a future bull run. CryptoQuant founder Ki Young-Ju highlighted this trend, noting that influential entities are making significant purchases despite the challenging macroeconomic environment.
The broader crypto market saw a drop of more than 3% as investors continued to sell off major cryptocurrencies. Bitcoin ETF 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 outflow streak.
XRP faced a significant setback, falling more than 10% in the last 24 hours after the SEC decision to appeal a court ruling that had restricted their ability to regulate crypto markets. The SEC will ask the US Court of Appeals for the Second Circuit to review the July 2023 decision that found that XRP tokens sold on public exchanges did not meet the legal definition of 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 Dec. 31 was unchanged at a 13% probability.
Lido’s native token, LDO, saw a drop of almost 9%, following Ethereum’s downward trajectory. Meanwhile, AI tokens showed 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 1.8% drop 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.
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