At 58,724,997,757, a cannon sounded in the Middle East, and the cryptocurrency market instantly crashed!

Early this morning, Israel suddenly launched an airstrike on Iran's nuclear facilities, causing global risk aversion sentiment to explode. Bitcoin plummeted by $2,000 in just 15 minutes, and Ethereum fell below the $2,500 mark, with over $1 billion liquidated across the network in 24 hours—what's worse is that a user on Binance had a single liquidation of $200 million; this wave was simply a 'collective cremation ground for leveraged players'.

Why does war affect the crypto market?

Geopolitical conflicts are like dropping a bomb in the market, with funds wildly fleeing to gold and oil (gold prices soared to $3,430, and oil prices jumped by 6%). But what about the crypto market? It should clearly be 'digital gold,' yet it plummeted along with the U.S. stock market. Simply put, large funds now only recognize 'real safe havens' and do not trust that altcoins can withstand risks. Moreover, with the market previously fully leveraged (BTC's open contracts rose by 18% in a week), whales directly slammed the market to harvest profits, leaving the retail investors with no chance to escape.