While Bitcoin Trends Sideways, XRP Drops 10% as SEC Appeals Case

Bitcoin (BTC) and ether (ETH) remained in the red during Asian trading hours.

BTC is trading sideways above $61,100, while ETH is trading at $2,390, down 4%. Crypto markets have taken a major hit following Iran’s vowed retaliatory airstrikes on Israel, putting a damper on a potential rally for risk assets including bitcoin.

However, CryptoQuant founder Ki Young-Ju said whales continue to accumulate bitcoin at unprecedented rates despite the macro environment and market dullness.

The CoinDesk 20 (CD20) Index, which measures the performance of the largest digital assets, fell over 3% as investors continued to sell most major cryptocurrencies.

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Losses in BTC exchange-traded funds (ETFs) continued yesterday with an outflow of $91.76 million. Ether ETFs experienced the opposite, breaking a two-day outflow streak with inflows of $14.45 million.

XRP has fallen more than 10% in the past 24 hours after the US SEC appealed a court order restricting its ability to regulate cryptocurrency markets. The SEC will ask the 2nd U.S. Circuit Court of Appeals to review its July 2023 decision that the XRP token sold by Ripple Labs on public exchanges did not meet the legal definition of a security.

Memecoin mog (MOG), the second largest cat-themed token behind Popcat (POPCAT), maintained its price despite an automated Twitter post from Republican candidate Donald Trump. Apparently, Trump’s account auto-replies to anyone who likes the tweet.

LDO, the native token of non-custodial staking solution Lido, lost approximately 9 percent of its value following ether’s decline.

AI tokens have remained dormant despite OpenAI announcing that it has raised $6.6 billion at a $157 billion valuation.

CoinGecko data shows that the category, which also includes NEAR, TAO and ICP, fell 1.8%. Worldcoin, which was founded by Sam Altman but has no official ties to OpenAI, fell 4%.