Bitcoin Crashes Below $62K Amidst Escalating Middle East Conflict

Bitcoin plummeted to below $62,000 on Thursday, experiencing a significant price drop of 4.87% in just one day. The crash was triggered by geopolitical tension in the Middle East, which led to massive crypto market liquidations.

Data from CoinGlass revealed that over 139,000 traders were liquidated during this time, resulting in a total loss of around $580 million. Bitcoin held the top spot on the liquidation chart with approximately $191.49 million in wiped-out positions, followed by Ethereum with $135.46 million.

The Israeli-Lebanon conflict escalated despite a Memorandum of Understanding (MoU) signed between the United States and Iran seeking to limit fighting in the region. The MoU aimed to 'immediately and permanently terminate military operations on all fronts, including in Lebanon,' but Israel continued its military actions.