Middle East tensions rise, crypto market crashes

robot
Abstract generation in progress

As a result of the increasing tension between Iran and Israel in the Middle East, there has been a sharp decline in the cryptocurrency market.

The tension created by Israel in the Middle East in recent years has affected the financial world. War rhetoric, frequently on the agenda, has put pressure on stock markets and the cryptocurrency market.

The escalating war tension between Iran and Israel wiped out $3 trillion from global stock markets in one day. However, the cryptocurrency market remains pessimistic.

Bitcoin (BTC) fell to $60,500. Ether (ETH) fell below $3,000. Weakness in BTC and ETH intensified the outflow of money from altcoins. Many altcoins lost more than 10% of their value.

Middle East affects the cryptocurrency market

A dynamic week has passed in the cryptocurrency market. Altcoins, which started to recover with the Fed's hint of interest rate cuts, remained in the midst of Middle East tensions. The market cap index of other cryptocurrencies excluding Bitcoin and Ether, known as TOTAL3, dropped from 605.525 billion dollars to 578.211 billion dollars. Altcoins lost 27.3 billion dollars since the previous day.

According to CoinGlass data, $289 million was liquidated in the last 24 hours. Long (upward) trades accounted for $247.5 million of these liquidations.

In the last 24 hours, 87,750 investors received liquidation notices and lost their open positions. The biggest losses occurred with a liquidation of $87.34 million in BTC and a liquidation of $80.14 million in ETH.

Layer-2 index experienced a 7% loss in the last 24 hours. zkSync, the new player in Layer-2, experienced a 10% decline.

Cat-themed memecoins index experienced a decrease of 16.3 percent, and Solana memecoin index experienced a decrease of 13.8 percent.

Crypto analysts claimed that these levels are a potential bottom. According to analysts, altcoins have the possibility of recovery as long as BTC does not lose 60,000 dollars.

This article does not contain investment advice or recommendation. Every investment and trading transaction carries risk, and readers should conduct their own research when making decisions.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)