#IsraelIranConflict

Bitcoin experienced a 2.5% decline, falling below $105,000, while large-cap cryptocurrencies saw a 7-11% drop due to risk-averse market sentiment. 📉💲🔥 A flight to safety was observed as traders liquidated digital assets in favor of gold, oil, and the US dollar, challenging the notion of cryptocurrencies as a "digital gold" during times of crisis. 📈💰🤔 The resulting market volatility led to over $1 billion in liquidations of leveraged positions, accompanied by significant increases in skew and funding rates, indicating the potential for continued market instability. ⚠️📉📊