Bitcoin (BTC) Maintains Position Above $61,100 Despite Ongoing Geopolitical Tensions, Ethereum (ETH) Drops 4% to $2,390

The crypto market continues to grapple with the aftermath of Iranian airstrikes on Israel, which has dampened enthusiasm for risk assets.

Bitcoin (BTC) price showed signs of resilience on Wednesday, holding up above $61,100 despite the ongoing geopolitical tensions. However, the world’s leading cryptocurrency faced selling pressure, leading to a 0.7% decrease in the past 24 hours.

On the other hand, ether (ETH) price took a hit, dropping 4% to trade at $2,390. The second crypto by market capitalization followed the broader market trend, which saw a decline of over 3%.

The crypto market faced the aftermath of Iranian airstrikes on Israel, which dampened enthusiasm for risk assets. As reported, the strikes were in response to the killing of two members of the Revolutionary Guards in an airstrike on a military plant in central Syria last week, an attack widely attributed to Israel.

Moreover, several crypto exchange-traded funds (ETFs) saw outflows on Wednesday evening. According to data from ETF Flows, Bitcoin ETFs experienced outflows of $91.76 million during the US trading session on Wednesday.

However, Ethereum ETFs bucked the trend with inflows of $14.45 million, breaking a two-day streak of outflows. The outflows from major crypto ETFs come amid a period of market downturn, with both BTC and ETH trading significantly below their all-time highs.

XRP price faced a significant setback, plunging more than 10% in the past 24 hours following the SEC decision. The U.S. Securities and Exchange Commission will ask the 2nd U.S. Circuit Court of Appeals to review the July 2023 decision that limited the SEC’s ability to regulate crypto markets.

The SEC argued that the lower court erred in concluding that XRP tokens sold on public exchanges did not meet the legal definition of a security and that the decision would have a “devastating impact” on the agency’s oversight of the digital asset market.

In the meme coin sector, MOG price showed little reaction despite being mentioned on Republican candidate Donald Trump’s social media account. A Polymarket prediction market tracking Trump’s mention of “mog” or related terms before December 31 remained unchanged at a 13% probability.

The second-largest cat-themed token behind POPCAT, MOG, saw its price barely budge after Trump posted an image of himself as a mog on Truth Social on Tuesday evening. XRP and several meme coins, including shib doge, floki, and cat, were also mentioned in the post.

Lido’s native token, LDO, experienced a nearly 9% decline, following ether’s downward trajectory. On the other hand, artificial intelligence tokens showed minimal movement despite OpenAI’s announcement of a $6.6 billion funding round at a $157 billion valuation.

The AI token category, which includes NEAR, TAO, and ICP, saw a modest 1.8% decline according to CoinGecko data. Notably, several AI tokens rallied over the past week following the launch of ChatGPT.

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