Crypto Market Faces Major Liquidations Amid Rising Tensions in Strait of Hormuz
Crypto slides on Hormuz airstrikes as $897 million in long liquidations pile up
Coindesk
Image: Coindesk
The cryptocurrency market has seen significant declines, with Bitcoin dropping to around $73,400 and Ether falling below $2,000, following U.S. airstrikes in the Strait of Hormuz. Nearly $958 million in crypto positions were liquidated, primarily affecting long positions, as traders shifted to a risk-off sentiment amid rising inflation concerns.
- 01Bitcoin's price fell to approximately $73,400, marking a 1.2% decrease since midnight UTC.
- 02Ether's open interest reached a record 16.39 million ETH, despite its price dropping below $2,000.
- 03Liquidations totaled $958.8 million in 24 hours, with long positions accounting for $897 million.
- 04The CoinDesk Computing Select Index (CPUS) declined by 2.9%, reflecting broader market weakness.
- 05The 'Altcoin Season' indicator fell to 30/100, indicating a significant risk-off sentiment in the market.
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The cryptocurrency market has experienced a sharp decline following U.S. airstrikes in the Strait of Hormuz, which heightened inflation concerns. Bitcoin dropped to around $73,400, while Ether fell below $2,000 for the first time since March. Over the past 24 hours, nearly $958 million in crypto positions were liquidated, with long positions accounting for $897 million of this total. This shift to a risk-off sentiment is evidenced by rising open interest in Ether futures, which reached a record 16.39 million ETH ($32.61 billion), indicating that traders are increasingly betting on further price declines. The broader altcoin market also suffered, with the CoinDesk Computing Select Index (CPUS) falling 2.9%. Additionally, the 'Altcoin Season' indicator dropped to 30/100, reflecting a significant risk-off sentiment among investors. As traders brace for potential further losses, the market remains cautious amid ongoing geopolitical tensions.
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The decline in cryptocurrency prices may affect investors' portfolios and market confidence, particularly among those heavily invested in leveraged positions.
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