Middle East Crisis Triggers Crypto Bloodbath: $2B+ Liquidations in 24 Hours
Geopolitical shockwaves just sent crypto traders scrambling for cover. As tensions flare between Israel and Iran, digital assets got caught in the crossfire—with leveraged positions getting obliterated across exchanges.
Market Carnage Hits Record Levels
Bitcoin plunged 15% in a single candle as panic selling erupted. Altcoins fared worse, with Ethereum and Solana seeing double-digit percentage drops. The liquidation domino effect cleared out over $2 billion in futures contracts—the highest since the 2022 FTX collapse.
Safe-Haven Narrative Cracks Under Pressure
So much for crypto being 'digital gold.' The selloff proved even Bitcoin isn't immune to traditional risk-off sentiment. Though let's be honest—when Wall Street sneezes, crypto still catches pneumonia (and then some).
Silver Lining Playbook
Veteran traders are already sniffing opportunity. 'These flushouts create the healthiest re-entries,' says one hedge fund manager loading up on BTC at $58k. Meanwhile, perpetual funding rates just turned negative—classic contrarian buy signal.
One thing's certain: in crypto, the only 'stable' coin is the one that hasn't been tested yet.
$101,973 plummeted to $98,000 and Ethereum
$2,259, the largest altcoin, fell to $2,130. Additionally, the Crypto Fear and Greed Index dropped to 37, reflecting heightened market anxiety.
ContentsStunning Wave of crypto LiquidationsDecline in Market Capitalization and Technical Outlook
Stunning Wave of Crypto Liquidations
In the last 24 hours, $657.99 million worth of long positions, placed by investors anticipating a price increase, were liquidated, predominantly due to a sudden market reversal. The total value of long positions liquidated reached $505.28 million. A significant amount, $35.45 million, vanished from the BTC/USDT trading pair in the HTX exchange.
Examinations of the exchanges reveal that Bybit led with $252.46 million, followed by Binance with $137.57 million, and Gate with $96.57 million. Bitmex recorded over 95.14% of its liquidated positions as longs, with Bitfinex and CoinEx also showing over 90% in long positions. This signifies that the anticipated uptrend abruptly broke down since June 22.
Decline in Market Capitalization and Technical Outlook
The total cryptocurrency market value, having hit a low of $3.04 trillion, has slightly rebounded to $3.09 trillion. The market touching the lower Bollinger Band indicates oversold conditions, while the Relative Strength Index (RSI) at 38.41 suggests potential for a short-term recovery.
Remaining below the 20-day moving average of $3.23 trillion confirms continued downward pressure. As Bitcoin’s market dominance stands at 64.9%, the highest in this cycle, it continues to suppress altcoins. Meanwhile, Ethereum’s dominance has decreased to 8.7%, indicating weakness among large-scale LAYER 1 protocols.
Despite the turbulence, some altcoins like Story IP, Four, and Sonic have attracted speculative interest, registering gains of 11.35%, 10.39%, and 7.68%, respectively, making them the day’s top performers.
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