The recent turmoil in the crypto market has left traders reeling from the impact of geopolitical tensions and monetary policy decisions. The conflict between Israel and Iran, coupled with the U.S. Federal Reserve’s stance on interest rates, has sent shockwaves through the market, resulting in over $1.14 billion in liquidations.
In the past 24 hours, a staggering 246,590 traders have been liquidated, totaling $1.14 billion in losses. This unprecedented wave of liquidations has highlighted the extreme volatility that has been triggered by external factors such as war tensions and economic uncertainty.
The largest liquidation was recorded on Binance’s BTC/USDT pair, where $201.31 million was wiped out in a single trade. Binance led the overall liquidations with $455.60 million, followed by Bybit with $370.83 million, and OKX with $125.58 million. Bitcoin and Ethereum bore the brunt of the liquidations, with $443.77 million and $289.96 million, respectively. Other altcoins like SOL and DOGE also saw significant losses in liquidation volume.
As the market grapples with the aftermath of these events, the total market cap currently stands at $3.37 trillion, down 2.51%, with a 24-hour trading volume of $129.97 billion, down 4.77%. The Fear & Greed Index remains at a score of 61, driven by greed, but this sentiment is expected to shift as the day progresses.
Bitcoin is trading 3.12% lower at $104,437.94, while Ethereum has experienced a larger decline, down 8.85% at $2,517.03. Major altcoins like XRP and SOL have also faced downward pressure, with losses of 5.47% and 9.74% respectively.
With Bitcoin dominance at 63.2% and ETH at 9.8%, the market continues to rely heavily on Bitcoin’s resilience. However, unless geopolitical tensions ease and macroeconomic stability is restored, further downside may be on the horizon.
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