Major Crypto Market Dip Triggers $1.03B in Liquidations
The crypto market faced a critically important downturn following news of U.S.airstrikes on Iranian nuclear sites. According to Coinglass, nearly 240,000 traders were liquidated within 24 hours, with total liquidations reaching $1.03 billion by Sunday midday New York time.
This sudden market disruption was largely due to the geopolitical event, as customary markets were closed for the weekend. As a result, the crypto space was the first to react. Bitcoin took a hit, falling as much as 4% to just over $99,300. ethereum also saw a sharp decline, dropping 9% to $2,185, its lowest intraday level since early May.
President Donald Trump announced āOperation Midnight Hammer,ā a U.S. bombing of three Iranian nuclear facilities late Saturday. following this news, Bitcoinās price dipped to its lowest point as early May. Ethereum saw a more than 10% fall to $2,171 but later rebounded slightly to $2,205.5.
Other altcoins, including XRP, Solana, and Dogecoin, also reached two-month lows. Most of the liquidations were from long positions, totaling $949 million in 24 hours. This surge in liquidations highlights the volatility of the crypto market in response to geopolitical tensions.
prediction markets like Myriad indicate a growing bearish sentiment, with 65% of users expecting Bitcoin to fall below $95,000 before it hits a new high.
