The cryptocurrency market has witnessed a massive wipeout of nearly $248 million in just 4 hours coinciding with Iran’s attack on Israel. The long positions were the most affected as they accounted for most of the liquidations with $221 million liquidated as opposed to the $18 million from short positions.
This unexpected drop, chiefly due to geopolitical risks, grabbed the attention of crypto traders and highlighted the continuing instability of the market. Various tokens witnessed substantial declines as the crypto market reacted to the increasing conflict.
