Bitcoin Saw Below $100,000 Under the Shadow of Geopolitical Tensions, Markets Recovered Quickly
The cryptocurrency market experienced a sharp shock today due to developments in the Middle East. The leading cryptocurrency Bitcoin (BTC) briefly fell below the $100,000 level due to geopolitical uncertainties, but it quickly rose again.
Attack on US Base Shook the Markets
News that Iran launched a missile attack on a US military base in Qatar early in the day shook the markets. Both traditional financial markets and cryptocurrencies reacted sharply to this development. While there were significant declines in Bitcoin and altcoins, a sense of fear prevailed in the overall market.
However, the subsequent information limited the impact of the attack. It turned out that Iran had informed both US officials and Qatar prior to the attack. Moreover, the fact that the incident was survived without loss of life was a development that reduced tension in the markets.
Soothing Message from Trump: 'Now is the Time for Peace'
The real recovery in the markets was triggered by the statement made by US President Donald Trump. Trump stated that Iran's nuclear infrastructure was targeted and that Iran's counterattack was ineffective. He also thanked Iran for having provided prior warning and ended his remarks by saying, 'Now is the time for peace.' This statement triggered a recovery in all markets, including crypto.
Bitcoin Tested Below 100 Thousand Dollars, But Rose Rapidly
During the moments of peak geopolitical concerns, the BTC price fell below the $100,000 mark. However, as the tension eased, it rose again and was trading around $104,000 at the time of writing.
The altcoin market displayed a stronger recovery compared to Bitcoin. While Ethereum approached the $2,400 level, Solana (SOL) became the standout altcoin of the day with an increase of about 10%.
Liquidations Blasted Through: $389 Million Vaporized
The high volatility in the market has led to significant liquidations in leveraged trades. A total of $389 million in positions was liquidated within the last 24 hours. Of this amount, $281 million came from short positions, meaning the expectations of a market drop led to substantial losses.
An interesting detail is that Ethereum experienced more liquidation than Bitcoin. Liquidation amounted to $122 million in ETH and $121 million in BTC. This indicates that Ethereum's volatility momentarily left BTC behind.
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