Key Points
- Large Bitcoin holders increased as Middle East tensions subsided.
- Bitcoin’s price and the broader crypto market experienced significant gains as geopolitical tensions cooled.
The number of Bitcoin whales, or large holders, has seen a rise in the wake of easing geopolitical tensions in the Middle East.
These holders, who own over $1 million in Bitcoin, saw a decrease from 111,906 to 107,835 between Sept. 29 and Oct. 2, as reported by Glassnode.
Whale Addresses Rise Amid Easing Tensions
This decline was mainly triggered on Oct. 1 following a missile attack on Israel by Iran.
However, according to Glassnode, the number of these whale addresses started to increase, reaching 109,921 unique wallets on Oct. 6, as tensions in the Middle East began to ease.
The wider cryptocurrency market also saw considerable gains over the weekend. The global cryptocurrency market cap grew by 1.7% in a day, exceeding the $2.3 trillion mark.
Bitcoin’s Price Increases
Bitcoin also experienced a 1.8% increase in the past 24 hours and is currently trading at $63,150. Its market cap is nearing the $1.25 trillion mark with a daily trading volume of $21 billion.
The previous week saw the BTC price fall below the $60,000 zone following the Biden administration’s support for Israel’s potential strike on Iran’s oil facilities.
This price rally for Bitcoin led to an increase in liquidations. According to data from Coinglass, the total crypto liquidations reached $162 million, with Bitcoin leading the chart with $37 million in liquidations.
These liquidations could potentially trigger a price correction for Bitcoin due to the market’s overbought conditions.
The U.S. Consumer Price Index report for September 2024 is set to be released on Thursday, Oct. 10. This inflation report has previously had a significant impact on financial markets, including crypto.
If the inflation rate is lower than the expected 2.2%, it may result in another rate cut by the U.S. Federal Reserve, which could potentially bring bullish momentum to the market.