The cryptocurrency market faced a sharp decline following Israel's attacks on Iranian nuclear sites, resulting in a 7% drop in total market capitalization.
Crypto Market Crashes Following Attacks
Amid news of Israel's strikes on Iran, the crypto market lost over $190 billion in the past 12 hours. Liquidation data from Coinglass indicates that there was $1 billion in liquidations over the last 12 hours, with nearly 250,000 traders liquidated. Over 90% of these positions were long, particularly in Bitcoin and Ethereum.
Market Reaction to the Drop
Bitcoin experienced the steepest losses, plummeting from a high of $108,350 to a low of $103,000. Ethereum also dropped more than 9%, hitting a bottom of $2,470. Other altcoins like Solana and Dogecoin faced significant declines as well. However, BNB and Tron saw only modest losses.
Market Outlook Amid Uncertainty
Despite the current losses, analysts note that as geopolitical conflicts escalate, a market rebound could be likely. Some experts believe Bitcoin is a safe asset that may attract investor interest during instability. Meanwhile, factors such as rising oil and gold prices may impact the market.
The cryptocurrency market remains under pressure due to global stresses. However, investors still view Bitcoin as a potential safe-haven asset amid uncertainty.
