The crypto market has undergone significant changes in the past 24 hours, with over $190 million lost following a Bitcoin drop triggered by global political conflicts.
Bitcoin Crashes Amid Global Tension
On one of the worst days this June, Bitcoin dropped nearly 4%, crashing to around $102,664. This drop was mainly due to rising tensions in the Middle East, which triggered panic across markets. As a result, the crypto space saw over $1 billion in leveraged positions wiped out in just one day.
Short Traders Take the Bigger Hit
Today, another $190.25 million in leveraged trades were liquidated. But this time, short positions took the bigger hit, losing $107 million, while long positions saw losses of $83.1 million. In the meantime, when short trades were liquidated, traders rushed to buy back their positions, which pushed prices higher. In the last 24 hours, over 58,000 traders were liquidated, with total losses hitting $191.32 million.
Altcoins and Memecoins Start to Move
While Bitcoin is still settling, some altcoins and meme tokens are quietly climbing. Shiba Inu gained 4%, Hyperliquid (HYPE) jumped 4.5%, Litecoin (LTC) rose 3%, Pi Network (Pi) increased 4.2%, and PEPE saw a 3.6% bump. Some analysts believe this correction might be a setup for the next big rally.
The financial losses in the crypto market are linked to the global geopolitical situation, causing price fluctuations in Bitcoin and other cryptocurrencies. Analysts continue to monitor potential signs of recovery in the future.
