Cryptocurrency market analysts noted the fall of major cryptocurrencies amid the Israeli-Palestinian conflict

Cryptocurrency traders suffered significant losses exceeding $ 100 million from liquidations during the market’s fall on Monday. According to analysts, the reason was the decline in the value of digital assets amid the Israeli-Palestinian conflict.

Over the past 24 hours, more than 42,778 traders' positions have been liquidated, bringing the total amount of liquidations to $ 114.94 million. The largest individual liquidation took place on Binance, involving the ETH/BUSD pair worth $ 4.53 million.

CoinGlass data shows that a staggering $ 105 million in long positions, which were speculative bets on higher prices, were completely wiped out. Such liquidations occur when an exchange closes a leveraged trading position due to the full or partial loss of a trader’s initial margin. Essentially, this happens when a trader cannot meet margin requirements or does not have sufficient funds to maintain the position.

Currently, the crypto market capitalization is $ 1.11 trillion, which reflects a decrease of 1.5% over the past 24 hours. Crypto analyst Michael Van de Poppe said that bitcoin is currently holding a critical level of support. «Most likely, the path to $ 30,000 will start from here. Gold is rising, uncertainty is growing, yields are falling, so bitcoin should follow ,» the expert explained.

As a reminder, a theory has emerged online that Israeli intelligence reacted late to the Hamas attack because Palestinian militants use Huawei equipment. According to users and some experts, Huawei smartphones are difficult to wiretap. After Google and other US IT giants banned Huawei from using their services in smartphones and tablets, the Chinese company developed its own analogs of foreign programs. Moreover, the new services are not protected from hacking by the Chinese special services.