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Why Crypto Market Is Down Today? $240B Wiped Out Amid Israel-Iran Tensions
The cryptocurrency market has taken a hit today, with the total value of all cryptocurrencies losing nearly $240 billion in just 24 hours. This massive drop is attributed to rising tensions between Israel and Iran, which have sparked fear among investors that the United States may become involved.
Israel and Iran are currently engaged in a tense standoff, with many fearing that the conflict could escalate into a full-scale war. The possibility of US intervention has sent shockwaves through the global markets, causing widespread panic and leading to a sharp sell-off across all major cryptocurrencies.
In recent days, a surge in whale activity has also contributed to the market’s downturn. These large investors have been offloading significant amounts of Bitcoin and other altcoins, further exacerbating the decline. This profit-taking wave is one of the largest this year, with over $1.2 billion in profits being taken home by long-term holders.
The sharp drop in cryptocurrency prices has also resulted in a surge in liquidations across major exchanges. In the past 24 hours alone, a staggering $503 million in crypto positions have been forced to close, affecting 134,000 traders worldwide. This includes some massive single losses, with one trader on the Bybit exchange losing a whopping $8 million.
It’s worth noting that Bitcoin has taken the brunt of the impact, dropping over 2% in value during this period. Altcoins such as Ethereum, Solana, and XRP have fared even worse, losing anywhere from 10% to 14%.
Source: coinpedia.org
