The killing of the commander of the Islamic Revolutionary Guard Corps (IRGC), Hossein Salami, in Israel's airstrike against Iran has caused shockwaves in global markets, leading to a billion-dollar liquidation in the cryptocurrency market.
According to a recent report prepared by crypto analysis firm QCP Capital, fear dominated global markets following Israel's preemptive strike on Iran's nuclear infrastructure and the death of senior IRGC commander Hossein Salami in this attack. Iran's statements of retaliation and the U.S.'s distant stance prompted investors to avoid risk. During this process, oil prices saw increases of up to 11%, while safe-haven assets like gold also rapidly gained value.
The crisis had a severe impact on the cryptocurrency market as well. Bitcoin (BTC) experienced a decline of around 3%, while Ethereum (ETH) lost approximately 9% of its value. In this environment, investors turned to put options in the options market to protect against risks, leading to significant increases in the premiums of put options.
The report stated that due to the prevailing panic atmosphere, total liquidations in futures positions in the cryptocurrency market exceeded $1 billion. Despite these liquidations, Bitcoin's relatively resilient performance indicated that institutional investors' interest in the sector remains.
QCP Capital noted that the main factor determining market movements in the near term will be Iran's retaliatory actions or the success of diplomatic initiatives, urging investors to remain cautious.