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The U.S.-Israeli strike on Iran has caused $100M in crypto liquidations within 15 minutes.
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Bitcoin’s price dropped by over 6% on Saturday to $63,692, amid low Open Interest.
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The crypto sector is under intense bearish stress amid fear of a long-term Middle East conflict.
The crypto market experienced the bloodbath that was expected amid the heated Middle East conflict. During the first 15 minutes after Operation Epic Fury was launched by the United States and Israel to attack Iran, more than 100 million dollars were liquidated from crypto-long traders.
According to the market data analysis by CoinGlass the total cryptoliquidations surged 129% in the last 24 hours, hovering around $521 million as of press time. Around $449 Million of the total crypto liquidation today involved long traders. Out of the entire crypto liquidation today, approximately $449 Million involved long traders who bet on the market’s further upward movement.
Crypto Market Turns Red Despite Low OI
According to CoinMarketCap the total crypto market capital dropped by 6% and hovered around $2.2 trillion. Bitcoin (BTC), the price, dropped over 6%, trading at about $63,692 as of the time of writing.
The Ethereum (ETH), price fell 9% to $1,856, triggering a further selloff in the altcoin markets. The crypto community has become extremely cautious due to the low Open Interest (OI). The crypto market is also stuck in a bearish market similar to that of 2022.
According to CoinGlass data, the total crypto OI dropped from $140B to $90B at press time. The geopolitical situation in the Middle East has further fueled the bearish sentiment despite low OI.
What’s Next?
The crypto market will continue to be under pressure, especially as the United States continues to slow down the CLARITY act. According to CoinMarketCap data, the fear-and-greed index has been hovering around the extreme fear zone at 14/100.
Crypto capitulation is likely to intensify as the war between Iran & the United States continues in the near future. Iran has also retaliated against U.S. bases in Kuwait and the UAE.
The crypto market, as shown by the exponential growth of M2, has not benefited. Investors have sought refuge in the precious-metal industry, led by Gold and Silver.
According to TradingView data, the gold price surged by 3% in the last five days, trading at $5,278 an ounce at the time of press. The silver price has risen by over 6% during the last 24 hours, trading at around $93.7 at time of press.
Related to Gold and Silver Surge As Bitcoin Faces Extended Corrective Correction
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