Crypto Market Takes a Hit as Geopolitical Tensions Rise
The crypto market faced a notable downturn over the weekend.Around 240,000 traders were liquidated, with total losses reaching $1.03 billion, according to Coinglass. This massive shakeout was triggered by news of U.S.airstrikes on Iran’s nuclear sites.
Bitcoin and Ethereum took the biggest hits. Bitcoin fell 4% to just above $99,300, while Ethereum dropped 9% to $2,185. These drops are the sharpest since early May. The market reacted swiftly as conventional markets were closed. President Trump’s declaration of “Operation Midnight Hammer” sent shockwaves through the industry. Bitcoin and Ethereum hit their lowest points in months. Bitcoin dipped below $99,300, and ethereum fell to $2,185. Altcoins like XRP, Solana, and Dogecoin also suffered, hitting two-month lows. The liquidations were mostly from long positions, totaling $949 million in 24 hours. The news of U.S. forces bombing Iranian nuclear facilities caused the plunge. By Sunday, bitcoin was at its lowest since May.Ethereum saw a 10% drop but later recovered slightly to $2,205.5.
With traditional markets closed, crypto became the first to respond to the geopolitical tension. Prediction markets now show a bearish outlook,with 65% of users on Myriad expecting Bitcoin to fall below $95,000.
- Bitcoin dropped to its lowest since May.
- Ethereum plummeted over 10%.
- Altcoins faced similar declines.
Traders are now cautious. The uncertainty has led to a surge in bearish sentiment. Many traders are now predicting further declines. The situation highlights the market’s sensitivity to global events. Investors are watching closely as the market tries to stabilize.
