Crypto Market Liquidation Exceeds $900M Amid Escalating Iran-Israel Conflict - Coincu

Crypto market sees $900 million in liquidations as Bitcoin drops below $60,660, triggering altcoin losses of up to 35%.

The cryptocurrency market experienced a significant downturn, with Bitcoin leading the way by dropping below $60,660 after reaching $71,000 just a day earlier. This sharp decline was influenced by various factors, including options expiry, historical halving patterns, macroeconomic indicators, and technical chart weaknesses. As a result, Ethereum also saw a 12% decrease, falling below $2,900, while altcoins like SOL, ARB, DOGE, BCH, and others suffered losses ranging from 20% to 35%.

The market saw over $900 million in liquidations, with more than $940 million in total liquidations recorded in the past 24 hours. Long positions accounted for $760 million, while short positions made up nearly $180 million. A significant number of traders, totaling over 247,000, were liquidated, with the largest single order occurring on Binance, where $8.46 million worth of BTC was exchanged for USD.

The market's decline was not isolated, as traditional markets also experienced sell-offs due to escalating geopolitical tensions and economic uncertainty. Iran's drone and missile strikes against Israel, reportedly in retaliation for an airstrike on its consulate in Damascus attributed to Israel, added to the market's concerns. However, as Iran announced the end of military operations and Israel reported no casualties, cryptocurrencies began to rebound.

In conclusion, the cryptocurrency market's volatility is influenced by various factors, and events in traditional markets can have a significant impact. Traders must stay informed and be prepared for sudden shifts in the market to navigate these challenging times successfully.

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