The currency was forced#بيتكوين Bitcoin, a leading cryptocurrency, is expected to fall below nearly $100,000 amid the geopolitical crises we are witnessing today.$BTC
Geopolitical developments led to a crash, then a recovery, in Bitcoin and cryptocurrencies.
Iran launched a missile attack on a US military base in Qatar, sending all financial markets into a tailspin, including the cryptocurrency market. The value of Bitcoin and altcoins declined after a rebound during the day.
However, Iran's notification to US and Qatari officials before launching the attack, and its successful response to the attack without any casualties, suggests that much of the crisis has ended. Immediately following this, US President Donald Trump issued a statement that served as a lifeline for the markets.
Donald Trump announced the destruction of Iran's nuclear facilities and described the Iranian counterattack as weak. Trump also thanked Iran for notifying him before the attack. Trump's message, which concluded with the phrase "It's time for peace," was interpreted as a de-escalation of tensions in the Middle East, at least for the time being.
After it was revealed that the Iran attack was largely symbolic, the cryptocurrency market began to rally, led by Bitcoin. The price of Bitcoin, which had reached $100,000, recovered as the market declined and is currently trading at around $104,000. The recovery of altcoins was relatively stronger.
The charts showed a sharp drop in the price of Bitcoin, with its market value exceeding $2,400.
While Ethereum's price reached $2,400, Solana topped the list of major altcoins in terms of increase of nearly 10%.
This sharp volatility also led to massive liquidations. Over the past 24 hours, $389 million worth of cryptocurrencies were liquidated from the cryptocurrency market. The vast majority of these liquidations, $281 million, were short positions.
Looking at it from a cryptocurrency perspective, we find some interesting data. Over the past 24 hours, the volume of cryptocurrencies liquidated on Ethereum has surpassed that of Bitcoin. While Bitcoin saw liquidations worth $121 million, this amount was measured on #الإيثيريوم at $122 million. $ETH
A table showing the total liquidity volume in the cryptocurrency market over the past 24 hours.
*This is not investment advice.