📉📉 On April 13, the cryptocurrency market witnessed a substantial downturn, marked by a nearly 10% drop in Bitcoin and other digital currencies.

This decline was instigated by heightened geopolitical tensions in the Middle East, particularly Iran’s attack on Israel.

The crypto market experienced a significant price crash, with several altcoins plunging by double digits in response to Iran’s actions. Bitcoin, for instance, saw a rapid decline of $6,000 within minutes of the attack, as the flagship digital asset tumbled from around $68,000 to as low as $60,800 before rebounding to $64,400

Similarly, Ethereum dropped from around $3,200 to $2,800 before recovering to $3,000. Other assets such as BNB, Solana, and Dogecoin also experienced declines of 5%, 8%, and 10% respectively over the past 24 hours.

These developments resulted in significant losses for traders. Data from Coinglass reveals that approximately $962.40 million was lost, predominantly by bullish position holders who suffered losses of $771.76 million. In comparison, short traders incurred losses of $199.63 million due to the market downturn.

Furthermore, the DeFi sector witnessed liquidations exceeding $120 million, marking the highest point of liquidations this year, as per Parsec data.