Over $533 million in cryptocurrency liquidations occurred within 24 hours, with long orders bearing losses.
Iran launched missile strikes on Israel, reportedly in response to the killing of Hezbollah’s leader.
Israel is considering a response to the attacks, with possible military action against Iran raising international concerns.
The escalation of tensions in the Middle East has triggered volatility in the cryptocurrency market, leading to declines in digital assets. Bitcoin (BTC) plunged below $61,000, while Ethereum (ETH) dropped under $2,500.
Iran-Israel Attack Explained
The official account of Israel Defense Forces on X shared that Iran was firing rockets at Israeli territory. Additionally, reports from the Pentagon claim that Iran is likely to send a second wave of missiles targeting Israel in the ensuing hours.
https://twitter.com/IDF/status/1841167289984397726
According to CNN, Iran launched missiles toward Israel on Tuesday in what it said was a response to the killing of Hezbollah leader Hassan Nasrallah and Israel's announcement of a ground Invasion in Lebanon.
CNN teams on the ground in multiple locations across Israel observed dozens of missiles through the skies as Iron Dome sirens blasted across the country. The IDF’s international spokesman Nadav Shoshani told CNN’s Jake Tapper that one person lost his life in Jericho as a result of the attacks, and several were injured during the attack.
Massive Liquidations in 24 Hours, BTC and ETH Dips
As a result, over $489 million was liquidated over the past 24 hours, with the majority of $312 million occurring within the past four hours, according to Coinglass data.
According to Wu Blockchain, In just a single day, 155,000 crypto trading accounts were liquidated, leading to a total amount of $533 million. The majority of these liquidations were long orders, which accounted for $451 million of the total. The largest single liquidation occurred on Binance, where a BTCUSDT trade worth $12.6646 million was closed.
https://twitter.com/WuBlockchain/status/1841277178388115746
Bitcoin's decline to below $61,000 marks a notable retreat from its recent highs. The digital asset had been experiencing increased interest and trading activity before the geopolitical situation led to a shift in market sentiment. Ethereum, too, fell sharply, dropping under $2,500.
Israel Weighing Its Response
Following Iran’s missile strikes on Israel, tensions have risen, with Israel considering its response. U.S. and Arab diplomats are concerned that Israel may retaliate by targeting Iranian nuclear facilities. Israeli Prime Minister Netanyahu emphasized Israel's reach in the region, while U.S. officials noted its support for Israel’s defense, as they did during a previous Iranian missile attack. Top diplomats from Europe condemned Iran’s actions, warning of escalating consequences while other powers like Russia are watching the actions.
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