Bitcoin tumbled below $104K after Israel’s strike on Iran triggered $427M in long liquidations.
Binance Net Taker Volume hit -$197M, signaling panic selling and potential bottom conditions.
XRP futures saw $7.63M in long liquidations despite positive news, crashing over 5%.
Reports of Israeli airstrikes on Iran have triggered a sharp sell-off across the cryptocurrency market, leading to the liquidation of hundreds of millions in long positions. Bitcoin, Ethereum, and XRP bore the brunt of the sell-off, plunging massively in a matter of hours.
The market action reflects a classic flight to safety, with investors seeking refuge in traditional hedges like crude oil while trimming exposure to digital assets.
Bitcoin Plunges; Triggers $428 Million in Long Liquidations
Bitcoin (BTC), which just days ago flirted with record highs near $111,000, collapsed 2.8% in under two hours following reports of Israeli airstrikes on Tehran late Thursday night. The cryptocurrency dropped from $106,042 to $103,053 before stabilizing near $104,370 by the time of publication, according to CoinMarketCap data.
The geopolitical shock caught many traders flat-footed. In the pas…
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