Bitcoin Millionaire Club Grows: 2k Addresses Now Hold $1m+ in BTC! Boost Your Crypto Knowledge Today

Middle East Crisis Escalates while Bitcoin Holds Steady - Is

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.

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