The post Bitcoin Holds Steady as Altcoins Face Pressure appeared on BitcoinEthereumNews.com.

TLDR Bitcoin remains stable above $61,100 despite geopolitical tensions Significant whale accumulation of Bitcoin observed Bitcoin ETFs see outflows while Ethereum ETFs experience inflows XRP drops over 10% following SEC’s decision to appeal regulatory ruling Overall crypto market declines amid cautious investor sentiment The cryptocurrency market is navigating choppy waters as geopolitical tensions and regulatory developments create a complex landscape for investors. Despite these challenges, Bitcoin has shown remarkable resilience, holding steady above the $61,000 mark. This stability comes in the face of ongoing conflicts in the Middle East, which have traditionally dampened enthusiasm for risk assets. Bitcoin’s steadfastness is particularly noteworthy given the significant outflows from Bitcoin ETFs, which saw $91.76 million leave during Wednesday’s US trading session. Bitcoin ETF Flow This outflow stands in stark contrast to Ethereum ETFs, which bucked the trend by attracting $14.45 million in inflows, breaking a two-day streak of negative flows. The divergence between Bitcoin and Ethereum ETF performance highlights the nuanced nature of the current market. While Bitcoin remains the flagship cryptocurrency, Ethereum’s separate trajectory suggests that investors are diversifying their crypto portfolios and may see different value propositions in various blockchain technologies. Adding to the intrigue is the observation of substantial whale activity in the Bitcoin market. CryptoQuant founder Ki Young-Ju pointed out that influential entities are making sizeable Bitcoin purchases despite the challenging macro environment. This accumulation by large holders could be interpreted as a sign of confidence in Bitcoin’s long-term prospects, even as short-term traders remain cautious. However, not all cryptocurrencies have fared as well as Bitcoin. XRP, in particular, has faced significant headwinds, plummeting more than 10% in a 24-hour period. This sharp decline followed the US Securities and Exchange Commission’s (SEC) decision to appeal a court ruling that had previously limited its ability to regulate crypto markets.…

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Filed under: News - @ October 3, 2024 10:27 am