Crypto Market Suffers $349M in Liquidations Amid Ongoing Global Tensions

The crypto market has faced significant losses in recent hours, with the total market capitalization decreasing by 3.22%. This downturn is largely attributed to President Trump's address to the nation, which sparked widespread panic among investors.

Bitcoin and Ethereum, two of the largest cryptocurrencies, have been particularly affected by the market volatility. Bitcoin prices fell to a low of $66.2k, while Ethereum dropped by 3.63%. The two cryptocurrencies accounted for the majority of the day's liquidations, with CoinGlass data showing $80.89 million in total Bitcoin liquidations and $90.83 million in Ethereum liquidations.

The Funding Rate has also dipped into negative territory, indicating heavy bearish sentiment among traders. This trend is consistent with the long-term bearish trend of Bitcoin, which may be exacerbated by the ongoing conflict between Iran and the US.