Crypto Market Remains Stable Despite Global Conflicts
According to a report by Santiment on October 13, 2023, the cryptocurrency market has remained stable despite renewed attention on the Israel-Palestine conflict. Unlike gold and silver, which experienced significant price increases during the Russia-Ukraine conflict in February and March 2022, cryptocurrencies have not been affected.
Bearish Sentiment Could Ironically Boost Prices
Santiment also highlighted a surge in discussions around inflation and bear markets on October 13. This indicates a growing bearish sentiment among traders toward the crypto market. However, Santiment suggests that the more traders expect prices to fall, the higher the likelihood that prices will actually rise.
Surge in Shark and Whale Wallets Since February 2022
In another post on October 14, Santiment revealed that there has been a significant increase in the number of large cryptocurrency wallets holding at least 10 bitcoins, commonly known as “shark” and “whale” wallets. Over the past 20 months, 11,806 new addresses have reached this threshold, marking an 8.12% total increase.
Bitcoin Whale Wallets Continue to Accumulate
Santiment also announced on October 14 that the number of Bitcoin whale wallets has seen another significant increase. Specifically, 16 more wallets now hold between 100 and 1,000 BTC. This growth suggests that smaller wallets are moving up to higher tiers, reinforcing a bullish outlook for Bitcoin’s future.
Latest Action in the Crypto Market
Over the past weekend, the crypto market experienced a small rally led by Bitcoin. Currently trading at around $27,699, Bitcoin’s price has increased by 3.4% in the past 24-hour period. This surge is likely due to increasing optimism about the approval of a spot Bitcoin ETF in the U.S. and geopolitical tensions prompting individuals to purchase gold and Bitcoin as safe-haven assets.
Hot Take: Crypto Market Remains Resilient Amidst Global Conflicts
Despite global conflicts and growing bearish sentiment, the crypto market has shown resilience. While gold and silver prices have been influenced by geopolitical tensions, cryptocurrencies have remained stable. The surge in large cryptocurrency wallets indicates continued interest and investment in the market. Moreover, the accumulation of Bitcoin whale wallets suggests a positive outlook for Bitcoin’s future. As the market experiences small rallies, led by Bitcoin, there is increasing optimism for the approval of a spot Bitcoin ETF in the U.S. Overall, despite challenges, the crypto market continues to demonstrate its potential as a safe-haven asset.
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