On the early morning of August 18, 2023, Israel suddenly launched an airstrike against Iran's nuclear facilities, causing the situation in the Middle East to become extremely tense. Explosions were heard continuously in Tehran, the capital of Iran, and Israel went into a state of emergency. This conflict caused global risk aversion to spike instantly!

The cryptocurrency market, always sensitive, also collapsed immediately in the face of this sudden geopolitical crisis. Bitcoin's price plummeted, and a host of other cryptocurrencies like Ethereum and Cardano also saw significant drops. According to data, over $1.1 billion in cryptocurrency contracts were liquidated in the past 24 hours, with as many as 240,000 people affected, the vast majority of whom were long positions.

Investors rushed to sell their cryptocurrencies and move into safe-haven assets. This outbreak of war in the Middle East has sparked a massive drop in the crypto market, highlighting the interconnectedness of global financial markets where one action can trigger widespread consequences.