The broader cryptocurrency market fell as geopolitical tensions in the Middle East escalated, sparking risk aversion in the market. According to Zaheer Ebtikar, founder of cryptocurrency fund Split Capital, a continued sell-off in cryptocurrencies "may depend on further escalation of the situation." The tensions affected the stock market on Friday, boosting safe-haven assets such as bonds and the US dollar. According to Coinglass data, about $1.5 billion in bullish cryptocurrency bets made through derivatives were liquidated on Friday and Saturday, one of the highest two-day liquidation levels in at least six months. Ebtikar also pointed out that leverage has been "completely overwhelmed" in the past three days, leading to a substantial deterioration in digital asset prices.
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