๐ Crypto Market Crashes As Israel Iran Conflict Persists
The Crypto market is down, with millions of longs liquidated as the Israel Iran conflict escalates with both sides trading strikes.
The crypto market is again in the red and has suffered a significant crash today. This comes as the Israel-Iran conflict escalates, with both countries firing more missiles. Meanwhile, there is panic over a possible escalation as the US considers whether to join Israel in striking Iran.
๐ธ Crypto Market Slides As Israel-Iran Conflict Lingers
CoinMarketCap data shows that the market has crashed in the last 24 hours, dropping to a $3.21 trillion market cap. Notably, the Bitcoin price has dropped from an intraday high of $106,539 to as low as $102,372.
Altcoins have also suffered notable price drops, following the crypto market crash. The Ethereum price is down over 3% in the last 24 hours. XRP, Solana, and Cardano are also down over 2% during this period.
Thanks to the market crash, millions of dollars in long positions have suffered liquidations. Coinglass data shows that $468 million has left the market in the last 24 hours, with $391 million in long positions accounting for most of these liquidations.
Over $300 million has been wiped out from the market in the last four hours. $289 million has been long positions while just $15 million are short positions.
This crypto market crash has occurred as Israel and Iran continue to strike each other, sparking a bearish sentiment among investors. According to a New York Times report, both countries launched fresh strikes today as the EUโs talks with Iran failed to yield any breakthrough.
According to a CNN report, Iran has not agreed to end its uranium enrichment capability despite the countryโs Foreign Minister indicating that the talks with EU officials were productive. Meanwhile, there is also panic that the US could join Israel in its fight against Iran, which would further escalate the conflict.