Following U.S. President Donald Trump's announcement of airstrikes on three major nuclear facilities in Iran, the cryptocurrency market experienced significant changes.
Ethereum Price Drop
This morning, Ethereum lost 7.7 percent of its value, dropping to $2,200, while Bitcoin remained relatively stable. However, Ethereum recouped some of its losses throughout the day and reached its lowest price since May 9.
Market Amid Geopolitical Tensions
According to Caroline Moron, co-founder of crypto derivatives market liquidity provider Orbit Markets, "the market is watching geopolitical developments with concern." Investors are focused on the $100,000 level for Bitcoin and $2,000 for Ethereum. Moron noted oil prices will also be on the agenda when traditional markets reopen.
Current Liquidations in the Crypto Market
According to Coinglass data, a total of $679 million worth of positions were liquidated in the crypto market over the last 24 hours. Of this amount, $554 million consisted of long positions and $67 million consisted of short positions. Cosmo Jiang, general partner at Pantera Capital Management, noted that during times of geopolitical uncertainty, "Bitcoin usually leads the recovery."
Market uncertainty peaked following the announcement of airstrikes, prompting cryptocurrencies to respond to the developments. Investors continue to closely monitor the situation.
