$875,000,000 liquidated from the crypto market in the past 24 hours.
Bitcoin falls under $99,000.
Bitcoin's recent price drop has indeed triggered significant liquidations in the crypto market.
The crypto market saw approximately $948 million in liquidations over the past 24 hours, with Bitcoin's price dropping below $100,000. This liquidation amount is close to the reported $875 billion figure, considering market volatility.
Bitcoin is currently trading at $99,453.04, representing a 3.95% decline. The price drop is largely attributed to heightened geopolitical tensions, particularly Iran's threat to close the Strait of Hormuz.
The potential closure of the Strait of Hormuz could disrupt global oil supplies, leading to increased inflation and economic uncertainty. This scenario often prompts investors to seek safe-haven assets, affecting crypto prices.
Ethereum and XRP have also been affected, with Ethereum dropping 4% under $2,200 and XRP falling below $2 for the first time since April.
Given the current market conditions, traders are advised to monitor key developments, including:
The final vote on Iran's proposal to close the Strait of Hormuz
Potential breaks above $100/barrel and their impact on inflation
Comments on rate policy in response to energy shocks and their implications for crypto markets$BTC