Crypto Market Selloff: $450M Liquidations In Bitcoin, ETH, XRP As Trump Says Iran MoU Is “Over”
The cryptocurrency market experienced a sharp selloff on Wednesday after tensions over geopolitical matters escalated. The uncertainty comes as U.S. President Donald Trump said that the memorandum of understanding with Iran is now “over.” With this, Bitcoin fell below the $62,000 mark, leading the crypto market downturn. This causing nearly $450 million worth of leveraged liquidations in the market.
Crypto Market Liquidations Surge Amid US-Iran War
Data from CoinGlass shows that over the last 24 hours, 145,221 traders were liquidated, totaling $449.63 million in liquidations. The losses at $343.43 million were mainly on the long side with $106.20 million being on the short side. Binance had the largest liquidation, with a $7.24 million ETHUSDT position being liquidated.
The most liquidated cryptocurrencies were Bitcoin with $99.90 million and Ethereum with $90.67 million. Other cryptocurrencies experienced a collective $60.83 million in liquidations, and Solana had $24.19 million in liquidations. Selling activity also was widespread throughout the market, with XRP seeing more than $9 million in liquidated positions.
This plunge in the market followed a sign that the diplomatic agreement between Washington and Tehran has failed. Speaking at the NATO summit, Trump said, “To me, I think it’s over. I don’t want to deal with them anymore.” He also described further negotiations as “just a waste of time dealing with them.”
Trump repeated that Iran would never get a nuclear weapon, but said that the negotiators were still eager to talk but “they have to come back” to me.
BTC Under Pressure With Fresh US-Iran Strikes
Trump’s comments came on the heels of a new escalation in the Middle East. The Islamic Revolutionary Guard Corps, Iran’s tough force, has announced it had responded to a series of U.S. strikes, ratcheted up sanctions on Iran’s export of oil and reacted to attacks on ships in the Strait of Hormuz by launching its own attacks on Washington’s military targets in Bahrain and Kuwait.
Geopolitical risks continued to drive oil prices up and weighed on risk assets such as crypto. Hence, Bitcoin price fell below $62,000 amid the ongoing US-Iran conflict.
In separate news, Israel’s Ynet news reported that U.S. Defense Secretary Pete Hegseth had cancelled his trip to Israel when tensions were ratcheting up in the region. This also led to a negative sentiment in the crypto market as geopolitical tensions continue.
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