$BTC

Over the last 24 hours, the Bitcoin and broader cryptocurrency market has experienced significant liquidations, primarily driven by escalating geopolitical tensions, specifically the conflict between Israel and Iran.

Here's a summary of the situation:

* Total Liquidations: Reports indicate that over $1 billion across all cryptocurrencies have been liquidated in the past 24 hours.

* Bitcoin's Share: While the exact Bitcoin-specific figure fluctuates, it accounts for a substantial portion of this total.

* Long Positions Hit Hardest: The vast majority of these liquidations have been "long" positions. This means traders who were betting on Bitcoin's price to increase were caught off guard by the sudden downturn. For example, some reports show $1.16 billion in long liquidations compared to just $113.97 million in short liquidations across all crypto.

* Price Drop: Bitcoin experienced a notable drop, crashing by approximately 3.3% in the last 24 hours, making it the worst day in June 2025 so far. It dipped from a 24-hour high of around $108,500 and even broke below critical support levels like $106,500 and the psychological $105,000 mark.

* Catalyst: The primary cause cited is the unexpected geopolitical conflict, which led investors to flee risk assets like cryptocurrencies and move towards safer haven assets such as gold.