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Number of Large Bitcoin Holders Increases Amidst Geopolitical Tensions in the Middle East
Decrease in Whale Addresses Holding Bitcoin
During a Period of Heightened Tension
Reports show a decrease in whale addresses holding over $1 million in Bitcoin, dropping from 111,906 to 107,835 between Sept. 29 and Oct. 2. This decline was particularly notable on Oct. 1, following Iran’s missile attack on Israel.
Recovery of Whale Addresses
As Tensions Ease in the Middle East
However, data from Glassnode reveals a subsequent rise in whale addresses, reaching 109,921 unique wallets by Oct. 6, coinciding with a reduction in Middle East tensions.
Crypto Market’s Positive Momentum
Global Market Cap Surpasses $2.3 Trillion
Over the weekend, the global cryptocurrency market cap saw a 1.7% increase, surpassing $2.3 trillion. Bitcoin also experienced gains, rising by 1.8% and currently trading at $63,150.
Bitcoin Price Volatility
Impact of Geopolitical Uncertainty
Recent fluctuations in Bitcoin’s price, including a dip below $60,000, were influenced by geopolitical events involving the Middle East. Market liquidations soared, with BTC leading the way.
Market Expectations and Influences
Upcoming U.S. Consumer Price Index Report
Traders are anticipating the release of the U.S. Consumer Price Index report for September 2024, set for Thursday. The market remains on edge, awaiting potential rate cuts by the U.S. Federal Reserve based on inflation data.