As Trump shifts the peace negotiations between Iran and Israel, the selling pressure in the cryptocurrency market has led to liquidations of around 355 million dollars in the last 24 hours. Coinglass data shows that 239 million dollars in long positions have been affected, while 115 million dollars in short positions have also been liquidated.
CoinMarketCap data also shows that the market has fallen nearly 2%, with the cryptocurrency market capitalization decreasing to 3.28 trillion dollars. The price of Bitcoin has dropped, trading just below 105,000 dollars.
Altcoins have experienced an even sharper decline, with Ethereum (ETH) down 2.5%, approaching the support level of $2,500. Similarly, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have dropped more than 3% today.
Investors in the cryptocurrency market will be watching the opening of the US market on Tuesday, as the S&P 500 hovers near all-time highs. Additionally, the FOMC meeting and the Fed's decision on rate cuts will also influence the market's future behavior.
Follow me for more analysis and news, give it a thumbs up 👍 and share, it would help me a lot to keep growing.