Crypto market hit by $1b in liquidations after US strikes Iran
Roughly 240,000 traders were liquidated in the past 24 hours as the crypto market reeled from news that U.S. bombers attacked Iran’s main nuclear sites, according to Coinglass.
Total liquidations topped $1.03 billion by midday on Sunday in New York, highlighting the scale of the market shakeout.
With traditional markets closed for the weekend, crypto was the first to react to the geopolitical shock.
By Sunday morning in New York, Bitcoin (BTC) had dropped as much as 4% to just above $99,300, while Ethereum fell 9% to $2,185—its lowest intraday level since May 9.
See the Bitcoin chat below.
The crypto market plunged after President Donald Trump announced late Saturday that U.S. forces bombed three Iranian nuclear facilities in “Operation Midnight Hammer.”
Bitcoin dropped to its lowest level since early May. Ethereum plummeted more than 10% to $2,171, but at last check had inched up 1.2% to $2,205.5.
Altcoins like XRP, Solana, and Dogecoin also hit two-month lows. Liquidations surged to $949 million in 24 hours, mostly from long positions.
Prediction markets like Myriad show growing bearish sentiment, with 65% of users expecting Bitcoin to fall below $95,000 before reaching a new high.
You May Also Like
Knocking Bitcoin's lack of yield shows your ‘Western financial privilege’
Macro analyst Luke Gromen’s comments come amid an ongoing debate over whether Bitcoin or Ether is the more attractive long-term option for traditional investors. Macro analyst Luke Gromen says the fact that Bitcoin doesn’t natively earn yield isn’t a weakness; it’s what makes it a safer store of value.“If you’re earning a yield, you are taking a risk,” Gromen told Natalie Brunell on the Coin Stories podcast on Wednesday, responding to a question about critics who dismiss Bitcoin (BTC) because they prefer yield-earning assets.“Anyone who says that is showing their Western financial privilege,” he added.Read more
Vitalik Buterin Challenges Ethereum’s Layer 2 Paradigm
