Bitcoin stands at $61,000 as whales buy despite geopolitical tensions

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Bitcoin remains stable above $61,100 on significant whale buying activity. XRP price drops over 10% after SEC challenges regulatory ruling

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Bitcoin (BTC) managed to maintain its position above $61,100 despite continued geopolitical tensions, while Ethereum (ETH) fell 4% to $2,390. The crypto market continues to grapple with the fallout from Iran's airstrikes on Israel, dampening appetite for risk assets.

Despite the overall market decline, significant Bitcoin whale stock suggests anticipation of a future bull run. CryptoQuant founder Ki Young-ju highlighted this trend, noting that influential parties are making large-scale purchases despite a challenging macro environment.

The broader crypto market fell more than 3% as investors continued to sell off major cryptocurrencies. Bitcoin ETFs experienced outflows of $91.76 million during the US trading session on Wednesday, while Ethereum ETFs bucked the trend with inflows of $14.45 million, breaking a two-day outflow.

XRP experienced a sharp decline, falling more than 10% in the past 24 hours, following the SEC's ruling that a court ruling would limit its ability to regulate crypto markets. The SEC will ask the 2nd US Circuit Court of Appeals to review its July 2023 decision, which ruled that XRP tokens sold on public exchanges did not meet the legal definition of a security.

In the meme coin sector, MOG, the second largest cat-themed coin behind POPCAT, saw little price movement despite mentions on Republican candidate Donald Trump's social media account. The Polymarket forecast market, which tracks Trump's mention of “mog” or related terms before Dec. 31, was unchanged at a 13 percent chance.

Lido's native token, LDO, is down nearly 9% following Ethereum's downward march. Meanwhile, artificial intelligence tokens showed low activity, even though OpenAI announced it had raised $6.6 billion in funding at a valuation of $157 billion. The AI ​​token category, which includes NEAR, TAO, and ICP, saw a modest decline of 1.8%, according to CoinGecko data.

WorldCoin, founded by OpenAI's Sam Altman but operating independently, saw market pressure drop by 4%. The overall market sentiment is cautious as investors navigate the complex landscape of geopolitical events, regulatory developments and sector-specific news in the crypto space.

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