The largest digital currency, Bitcoin, continues to decline and fails to exceed the $61,000 level today, while the largest declines occurred for Solana, Ethereum, and Ripple.
At the time of writing, Bitcoin is trading at $60,870 per ounce, down 1.4%, while Ethereum is down 4.89% at $2,361, and Solana is down 6% at $138.97. The biggest drop was for Ripple, which lost 14.1% of its value in the last 24 hours to record $0.5161.
Bitcoin Fails Safe Haven Test
Bitcoin's decline was affected by the missile strike launched by Iran on military sites in Tel Aviv, which contributed to large selling operations in high-risk markets, most notably cryptocurrencies.
Bitcoin has not fallen as hard as other cryptocurrencies despite its declining dominance, as whales continue to accumulate Bitcoin at unprecedented rates despite macroeconomic conditions and market stagnation, according to CryptoQuant founder Ki Young-joo in a post on the X platform. Whales are referred to as influential entities that own the largest amount of any asset, and on-chain data shows that new Bitcoin whales are making large purchases in preparation for an upcoming bull run.
Meanwhile, outflows from Bitcoin exchange-traded funds (ETFs) continued, with $91.76 million in U.S. trading on Wednesday. Conversely, Ether ETFs saw inflows of $14.45 million, ending a two-day streak of outflows.
Ripple's biggest fall at the hands of the SEC
XRP has dropped more than 14% in the past 24 hours after the U.S. Securities and Exchange Commission (SEC) announced on Wednesday that it will appeal a court ruling that limits its ability to regulate cryptocurrency markets. The SEC will ask the U.S. Court of Appeals for the Second Circuit to review a July 2023 decision that said XRP sold by Ripple Labs on public exchanges does not fall within the legal definition of a security.
Bitcoin Fails Safe Haven Test
Bitcoin's decline was affected by the missile strike launched by Iran on military sites in Tel Aviv, which contributed to large selling operations in high-risk markets, most notably cryptocurrencies.
Bitcoin has not fallen as hard as other cryptocurrencies despite its declining dominance, as whales continue to accumulate Bitcoin at unprecedented rates despite macroeconomic conditions and market stagnation, according to CryptoQuant founder Ki Young-joo in a post on the X platform. Whales are referred to as influential entities that own the largest amount of any asset, and on-chain data shows that new Bitcoin whales are making large purchases in preparation for an upcoming bull run.
Meanwhile, outflows from Bitcoin exchange-traded funds (ETFs) continued, with $91.76 million in U.S. trading on Wednesday. Conversely, Ether ETFs saw inflows of $14.45 million, ending a two-day streak of outflows.
Ripple's biggest fall at the hands of the SEC
XRP has dropped more than 14% in the past 24 hours after the U.S. Securities and Exchange Commission (SEC) announced on Wednesday that it will appeal a court ruling that limits its ability to regulate cryptocurrency markets. The SEC will ask the U.S. Court of Appeals for the Second Circuit to review a July 2023 decision that said XRP sold by Ripple Labs on public exchanges does not fall within the legal definition of a security.
