Crypto Market Sees Heavy Losses Amid Middle East Conflict

The cryptocurrency market has been severely impacted by the escalating tensions in the Middle East, with significant losses reported in the past 24 hours.

According to data from CoinGlass, over $100 million in liquidations were triggered within the first 15 minutes of the US and Israel's strike on Iran. This marks a 129% increase in total crypto liquidations in the past 24 hours, with around $449 million involving long traders who had bet on further market upside.

The price of Bitcoin has dropped by 6% to around $63,692, while Ethereum has seen a 9% decline. This comes as the total crypto market cap has fallen to around $2.2 trillion, with low Open Interest (OI) contributing to the bearish sentiment.