Recent events in the crypto market have led to significant declines with liquidations exceeding $1.14 billion. Major factors include the escalation of the conflict between Israel and Iran, along with the Federal Reserve's inflation reports.
$1.14 Billion Worth Liquidation Hits Traders
In the past 24 hours, 246,590 traders have been liquidated, indicating a significant drop in market activity. Total liquidations have spiked to $1.14 billion, emphasizing the high volatility triggered by external factors.
The largest single liquidation occurred on Binance’s BTC/USDT pair, wiping out a staggering $201.31 million. Binance accounted for the largest share overall, with $455.60 million, followed by Bybit with $370.83 million and OKX with $125.58 million.
Bitcoin and Ethereum took the brunt among cryptocurrencies, with $443.77 million and $289.96 million in liquidation volume, respectively. Other altcoins like SOL and DOGE also faced liquidations of $51.95 million and $25.61 million.
Where Is the Crypto Market Heading?
At the time of press, the total market cap of the crypto industry stands at $3.37 trillion, down 2.51%, while the 24-hour trading volume is down 4.77% at $129.97 billion. The Fear & Greed Index remains at a greed-driven score of 61, which is expected to decline over the day.
Bitcoin is currently trading 3.12% lower at $104,437.94, while Ethereum has taken a bigger hit, down 8.85% at $2,517.03. Major altcoins like XRP and SOL faced pressures as well, showing losses of 5.47% and 9.74% respectively.
With BTC dominance at 63.2% and ETH at 9.8%, the market remains heavily reliant on Bitcoin’s performance. However, unless geopolitical risks settle and macroeconomic stability returns, further downsides could be in store.
FAQs
****What caused the crypto market crash today?****
Rising war tensions between Israel and Iran, along with inflation data from the Fed, triggered panic selling and liquidations across exchanges.
****Which exchanges and tokens were most affected?****
Binance and Bybit saw the largest exchange-based liquidations, while Bitcoin and Ethereum led token-wise liquidations with $443.77 million and $289.96 million, respectively.
****Are there any safe havens in this market crash?****
Yes, gold-backed tokens like PAX Gold and Tether Gold have gained traction as investors sought safety amidst global uncertainties.
The current situation in the crypto market warrants careful analysis, as factors like economic policy and international conflicts may have significant effects on its future trajectory. Investors should remain vigilant to changes.
