Iran-Israel Tensions Impact Crypto Markets as Bitcoin Holds Steady at $60K

Iran-Israel Tensions Shake Crypto Markets, Bitcoin Whales Continue to Buy

Tuesday night’s Iranian airstrikes on Israel, for which the latter has threatened retaliation, hurt the cryptocurrency markets and halted a rise in riskier assets like Bitcoin. While ETH is down 5.67% and trading at $2,334, BTC is flat and trading at $60,000.

Nonetheless, Ki Young-Ju, the founder of CryptoQuant, stated in an X post that despite the macro climate and the tedium of the market, whales are still accumulating Bitcoin at previously unheard-of rates. According to on-chain statistics, new Bitcoin whales are buying substantial amounts in preparation for an impending bull run.

Crypto Market Dips as Bitcoin ETF Outflows Spike, XRP Hit by SEC Appeal

Due to investors’ continued selling of the majority of the main cryptocurrencies, the CoinDesk 20 (CD20), which measures the performance of the largest digital assets, was down more than 3%. Bitcoin ETFs saw outflows of $91.76 million on Wednesday during U.S. trading. On the other hand, Ether ETF inflows of $14.45 million snapped a two-day losing trend.

After the U.S. SEC said on Wednesday that it is appealing a court decision limiting its authority to oversee cryptocurrency markets, XRP fell more than 10% in the previous day. The 2nd U.S. Circuit Court of Appeals, which ruled in July 2023 that the XRP cryptocurrency offered by Ripple Labs on open exchanges did not fit the legal definition of a security, will be reviewed by the SEC.

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