Key Points:
Market nosedives on Iran-Israel tensions, Bitcoin falls below $60,660 from $71,000.
Crypto market liquidations top $900 million, leading to altcoin selloff, notably Ethereum and meme coins.
The cryptocurrency market experienced a significant downturn today as tensions between Iran and Israel reached a critical point.
Source: Coinglass Crypto Market Liquidations Exceed $900 Million, Altcoins Hit Hard
Bitcoin, the leading cryptocurrency, took a steep dive during afternoon trading hours in the United States, plummeting below the $60,660 mark after nearly touching $71,000 just a day prior.
Multiple factors contributed to Bitcoin's decline, including options expiry, historical halving patterns, macroeconomic indicators, and technical chart weakness. This downturn triggered a widespread selloff across the crypto market, with Ethereum prices plunging 12% to dip below $2,900. Altcoins such as SOL, ARB, DOGE, BCH, and others also suffered losses ranging from 20% to 35%, with meme coins being particularly affected.
Crypto market liquidations surpassed $900 million, mirroring a similar event from the previous day. Coinglass data revealed over $940 million in crypto market liquidations, with $760 million from long positions and nearly $180 million from short positions in the past 24 hours. Notably, more than 247,000 traders were liquidated, with the largest single order occurring on Binance, where BTC was swapped for USD valued at $8.46 million.
Market Volatility Reflects Global Geopolitical Uncertainty
The market's decline mirrored broader sell-offs in traditional markets, influenced by escalating geopolitical tensions and economic uncertainty. Iran's launch of drone and missile strikes against Israel, allegedly in retaliation for an airstrike on its consulate in Damascus, Syria, attributed to Israel, further exacerbated market concerns.
However, as Iran announced the cessation of military operations, cryptocurrencies began to rebound sharply. Israel reported no casualties from the Iranian attacks but vowed a significant response.
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