Recent U.S. attacks on nuclear sites in Iran triggered a sharp drop in the cryptocurrency market, leading to significant liquidations.
Overview of the Situation in the Crypto Market
In the last few hours, the cryptocurrency market experienced a triggered sell-off after confirmation of airstrikes in Iran. As a result, over $35 billion vanished from the sector's market capitalization, indicating panic sentiment among traders and investors.
Bitcoin's Reaction to the Strikes on Iran
Following news of the attack, Bitcoin fell below $100,000, hitting a low of $98,286. However, after this initial drop, a slight recovery followed, with the price climbing back to $102,852 within 24 hours. According to CoinGlass, total liquidation of Bitcoin in the past 12 hours reached $34.57 million.
Liquidations on Exchanges and Impact on Other Markets
The total liquidation over the past 24 hours surpassed $1 billion, with Ethereum facing $193.35 million in liquidations and Ripple at $21.60 million. On exchanges such as Bybit, total liquidations reached $255.29 million. Furthermore, oil prices also saw significant increases following the attacks.
The situation in the cryptocurrency market remains tense amid geopolitical events, and the consequences of the strikes in Iran may continue to affect the market.
