Key Takeaways
- Bitcoin’s value fell to $60,200 due to geopolitical tensions, causing significant market liquidations.
- US spot Bitcoin ETFs recorded substantial outflows, with the largest from the Fidelity Wise Origin Bitcoin Fund.
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On the macro level, crypto markets have been thrown into turmoil as geopolitical tensions between Israel and Iran escalate, challenging the notion of “Uptober” and raising questions about digital assets’ role in times of global crisis. As the conflict unfolds, its ripple effects are being felt across financial markets, with various cryptocurrencies and ETFs experiencing significant volatility and substantial liquidations.
Immediate market impact and consolidations
The immediate aftermath of Iran’s missile attack on Israel saw Bitcoin plummet to $60,200, marking a sharp 6% decline from recent highs around $64,000. This downturn wasn’t isolated to Bitcoin, as Ethereum and other major altcoins also suffered losses, with Ethereum dropping over 4% and Solana falling more than 5%.
The market turmoil led to massive liquidations, with Coinglass reporting $523.37 million wiped out in just 24 hours. Long positions bore the brunt of the impact, with $451 million liquidated, compared to $71 million in short positions. This volatility resulted in the liquidation of 154,011 traders, highlighting the widespread impact of the geopolitical crisis on crypto markets.
The rapid market decline has significantly altered investor sentiment. The crypto fear and…
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