It appears that the cryptocurrency market is poised for a massive price drop and may crash in the coming hours, following the escalated tension between Iran and Israel. During the opening bell of the US stock market, Barak Ravid, a political reporter shared a post on X (previously Twitter) that Iran is preparing to imminently launch a ballistic missile attack against Israel.
Barak noted that “Senior White House Official tells me: ‘The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel.’”
However, this post went viral like wildfire as it gained significant attention from crypto enthusiasts and has gained 1.2 million views in just a few hours.
At press time, the overall cryptocurrency market began falling, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced price declines of over 2.5%, 3.5%, 4.6%, and 3.2%, respectively, over the past 24 hours. The majority of the price decline occurred following the news of the ballistic missile attack on Israel.
Following this news, traders have liquidated a significant $351.21 million, according to data from on-chain analytics firm Coinglass. However, the single largest liquidation occurred on Binance, the world’s biggest cryptocurrency exchange, involving a BTC/USDT pair worth $12.37 million.
Amid this liquidation, the majority of liquidation happened in the past four hours, with bulls facing the hardest hit during this price decline.
While analyzing total Bitcoin (BTC) liquidations in the past four hours, bulls have liquidated $50 million worth of long positions, while bears have faced $3.15 million of liquidations during the same period. Similarly, in Ethereum (ETH), bulls’ liquidations reached $43.15 million, while bears’ short positions amounted to $4.56 million during the same period.
The U.S. Senate just gave the green light to President Trump’s widely discussed tax and…
It’s starting to feel like something big is coming for XRP. After months of sideways…
The broader crypto market is holding steady going into the final days of June, with…
Pi Network, once seen as a quiet underdog, is now facing one of its biggest…
The price of XRP is showing bullish signs but remains stuck within a tight range.…
The Pi Network has been making headlines lately, but its price action isn't living up…