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Highlights
- The crypto market is down, led by Bitcoin which has has dropped to as low as $102,000 today.
- Millions of dollars in long positions have been liquidated in the last 24 hours.
- This comes as Isreal and Iran continue to trade strikes with the US weighing whether to join Isreal.
- Parties are bracing for a prolonged conflict as the skirmishes roll into the second week.
Crypto prices have taken a massive hit as the Israel-Iran conflict enters its second week, underscored by multiple missile strikes. As tensions continue to heighten, cryptocurrency prices are in the red with the global market capitalization shedding nearly $300 billion within hours. Fears of an extended conflict are lingering with the US signaling the possibility of joining the strikes against Iran.
Crypto Market Slides As Israel-Iran Conflict Lingers
CoinMarketCap data shows that the market has crashed in the last 24 hours, dropping to a $3.21 trillion market cap. Notably, the Bitcoin price has dropped from an intraday high of $106,539 to as low as $102,372.
Altcoins have also suffered notable price drops, following the crypto market crash. The Ethereum price is down over 3% in the last 24 hours. XRP, Solana, and Cardano are also down over 2% during this period.
Thanks to the market crash, millions of dollars in long positions have suffered liquidations. Coinglass data shows that $468 million has left the market in the last 24 hours, with $391 million in long positions accounting for most of these liquidations.
Over $300 million has been wiped out from the market in the last four hours. $289 million has been long positions while just $15 million are short positions.
This crypto market crash has occurred as Israel and Iran continue to strike each other, sparking a bearish sentiment among investors. According to a New York Times report, both countries launched fresh strikes today as the EU’s talks with Iran failed to yield any breakthrough.
Odds Of A Prolonged Rally Are High
According to a CNN report, Iran has not agreed to end its uranium enrichment capability despite the country’s Foreign Minister indicating that the talks with EU officials were productive. Meanwhile, there is also panic that the US could join Israel in its fight against Iran, which would further escalate the conflict.
Israeli authorities are reporting the killing of a top Iranian commander while signaling a readiness for an extended military conflict. On the flipside, Iran’s leader has picked three successors in the event of an assassination, setting the tone for protracted war.
As CoinGape reported, experts have warned of a 10% to 20% Bitcoin price crash if the US joins the Israel-Iran war. This would ultimately impact the broader crypto market and lead to a crash for altcoins, too.
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