Breaking: Bitcoin Crashes To $62K, Crypto Liquidations Hit $580M As Israel Strikes Lebanon
Highlights
- Bitcoin plunged around $62,500 today, marking an intraday drop of nearly 5%.
- Crypto market liquidations surged to $580 million as Israel launched new strikes on Lebanon.
- The Middle East conflict ensued despite U.S. and Iran reaching a peace agreement.
Bitcoin slid below $63,000 on Thursday and dipped into the $62,000 territory. The crash comes as financial markets were shaken by geopolitical tension in the Middle East, which triggered massive crypto market liquidations.
Why Is Bitcoin, Crypto Market Dumping?
Bitcoin price plunged 4.87% to $62,601.58 at the time of writing today. The decline was despite reports of further Israeli military action against targets in the south of Lebanon. The escalation followed despite a Memorandum of Understanding (MoU) was just agreed between the United States and Iran seeking to limit fighting in the region.
Data from CoinGlass indicates that during the crypto market crash, traders lost around $580 million. Total liquidations rose to $579.43 million in the last 24 hours. Out of this, $496.62 million were in long positions, and $82.81 million in short positions. Over 139,000 traders were liquidated during this time.
Bitcoin held the top spot on the liquidation chart with around $191.49 million in wiped out positions. It could have exacerbated the BTC price dip. Ethereum followed with $135.46 million in liquidations. HYPE also saw liquidations of $17.79 million. In addition, XRP, SOL, and ADA also registered significant liquidations.
Israel-Lebanon War Escalates Despite US-Iran Deal
The crypto market pulled back with the liquidation cascade gathering momentum due to the Middle East conflict. One person was killed after the agreement was signed in an Israeli drone strike in southern Lebanon, according to Lebanese state media. Israeli troops separately reported that one of their soldiers was killed. Further, seven others wounded in southern Lebanon the night before.
Israel said it would keep its military operations in southern Lebanon going. The Israeli military said it was taking steps to “remove threats” outside its stated security zone and published a map of a buffer zone that stretches about 10 kilometres into Lebanese territory. The army said its soldiers would continue to be sent there “to remove threats and strengthen the defence of Israel’s northern residents.”
An Israeli military source also called for coordination with the Lebanese Armed Forces and advised people to stay away from the security zone due to the activities taking place.
Israel PM Benjamin Netanyahu earlier indicated that the US-Iran deal doesn’t affect their country. For context, the terms of the MoU signed by the US and Iran entail the “immediate and permanent termination of military operations on all fronts, including in Lebanon.” Moreover, both sides agreed to not take any military action against each other.
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