Why the Crypto Market is Crashing Today?
Zameer Attar1 Oct 20242 min read
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.
Escalating Tensions Between Iran and 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.
Crypto Market Begins to Decline
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.
Traders Liquidated $351.21 Million
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.
