The escalating tensions between Iran and Israel have caused a major price drop in the cryptocurrency market. Experts are expecting more crashes in the coming hours. Amid these developments, Chinese cryptocurrency giant Fenbushi Capital has begun reducing its altcoin portfolio holdings.

Fenbushi Capital Completed $5.14 Million Altcoin Sale!

The crypto market has experienced a sharp decline due to US data and geopolitical tensions, with the leading cryptocurrency Bitcoin falling to $62,000. In this turbulent environment, on-chain analytics platform Lookonchain reported that Fenbushi Capital recently sold $5.14 million worth of altcoins. Lookonchain made the following statement:

Fenbushi Capital lost $2.44 million (-90%) on SUSHI, $2.27 million (-82%) on COMP, $1.53 million (-42%) on UNI, and $499,000 (-15%) on AAVE. Three hours ago, Fenbushi Capital sold $5.14 million worth of assets at a loss:

  • 136,094 EIGEN (514 bin dolar)

  • 146,537 UNI ($1.13 million)

  • 10.17 million SNT (244 thousand dollars)

  • 10,681 COMP ($509k)

  • 11,616 AAVE ($1.9 million)

  • 344,086 SUSHI ($276,000)

  • 219 ETH ($576k)

Political reporter Barak Ravid tweeted, “A senior White House official said, ‘The US has indications that Iran is preparing a ballistic missile attack against Israel.’” The tweet caught the attention of crypto enthusiasts and went viral, gaining 1.2 million views in a few hours.

At press time, the overall cryptocurrency market is in decline. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have lost 2.5%, 3.5%, 4.6%, and 3.2% in value over the past 24 hours, respectively. The bulk of the price decline came after news of a ballistic missile attack on Israel.

Following this news, traders liquidated a significant sum totaling $351.21 million, according to data from on-chain analytics firm Coinglass. The largest liquidation took place on Binance, the world’s largest cryptocurrency exchange, which included $12.37 million worth of BTC/USDT. The majority of this liquidation occurred in the last four hours, with bulls taking the hardest hit during this price drop.