Volatility in the cryptocurrency market intensified amid rising geopolitical tensions, including reported airstrikes by Israel on Iran, leading to a market-wide decline of approximately 4.26% over the past 24 hours, based on CoinMarketCap data.
Coinglass figures indicate that roughly $1.017 billion in positions were liquidated during the same period, with long positions accounting for $944 million and short positions for $73.49 million.
Bitcoin experienced liquidations totaling $429 million, while Ethereum saw $226 million in liquidations.
BTC registered a 3.10% decrease, trading at $104,494 at the time of reporting, with a 24-hour low of $103,053 and a high of $108,420, following a recent peak of $110,265 earlier in the week.
ETH dropped 8.86% to $2,522, reaching a daily low of $2,454 and a high of $2,770.
Despite the downturn, total cryptocurrency market volume rose to $164.49 billion over the past day, marking a 21.41% increase.
Israel Launches Airstrikes On Iran Amid Nuclear Tensions
The recent downturn in the cryptocurrency market followed reports of Israeli airstrikes targeting sites in Iran, with explosions reportedly occurring in Tehran, as cited by the Associated Press.
Israeli Prime Minister Benjamin Netanyahu stated that the military action was directed at Iran’s nuclear and missile capabilities and would persist until those perceived threats were neutralized.
These developments occurred shortly after the International Atomic Energy Agency disclosed that Iran had failed to adhere to longstanding restrictions on uranium enrichment, marking the first such instance in nearly twenty years.
In related commentary, US President Donald Trump noted that while the United States would favor diplomatic engagement with Iran, any escalation could result in a large-scale conflict.
Traditional financial markets, meanwhile, are seeing increased activity in safe-haven assets, with bond prices, gold, and oil all moving upward. The yield on the 10-year US Treasury has declined by two basis points to 4.32%, while gold has risen approximately 0.75% in the last hour, reaching $3,428 per ounce.
Crude oil has experienced a surge, climbing 9% to trade at $74 per barrel. In currency markets, the US dollar is strengthening against the euro and British pound but showing relative weakness against the Japanese yen and Swiss franc.
The post Crypto Market Suffers Heavy Blow With $1B In Liquidations, Bitcoin Falls Below $104K Following Israeli Airstrikes On Iran appeared first on Metaverse Post.
