Israeli-Iranian conflict provoked a cryptocurrency crash: Bitcoin, Ethereum, XRP plummeted

The global cryptocurrency market suffered a significant drop — the total capitalization decreased by 2.47%, dropping to $ 3.32 trillion. Most of the key digital assets lost ground: Bitcoin BTC $104,639.96 Bitcoin -0.50% Market capitalization $2.08 trillion VOL. 24 hours $0.93 billion is down 2.3%, Ethereum ETH $2,518.94 Bridged Ether (StarkGate) -0.93% Market capitalization $0.15 billion VOL. 24 hours $0.87 billion is down 4.5%, XRP XRP $2.12 XRP -0.15% Market capitalization $125.01 billion VOL. 24 hours $0.15 billion is down 3.24%, and Solana SOL $143.66 Binance-Peg SOL -1.19% Market capitalization $0.16 billion VOL. 24 hours $0.25 billion is down 4.9% against the US dollar.

The biggest loser was Dogecoin DOGE $0.18 Binance-Peg Dogecoin -0.26% Market capitalization $0.45 billion VOL. 24 hours $99.96 million , which dropped by 5.9% in just one day, becoming the leader in losses among the ten most popular cryptocurrencies. More than $ 320 million in upward positions were liquidated in an hour, indicating an unexpected market cooling for optimistic traders.

Bitcoin suffered the largest wave of liquidations — $ 317 million overnight, of which $ 306 million were longs. Its rate dropped below $ 104,000 after rising to over $ 110,000 earlier in the week. Binance alone recorded liquidations of $ 201 million. Ethereum lost more than 6% and dropped to $ 2650, despite a 9% increase over the week. Total daily liquidations on ETH reached $ 151 million.

Altcoins suffered no less: Solana fell by more than 6% to $ 152.80, XRP — by 4% to $ 2.20, and Dogecoin — by 7% to $ 0.181, becoming the biggest loser of the day among the major assets.

The main reasons for the decline are geopolitical tensions, including reports of an Israeli air strike on Iran’s nuclear facility. This caused investors to flee to safe assets, including gold, which rose by 5%. An additional factor was the release of inflation data in the United States, which triggered a wave of profit-taking. In total, more than $ 713 million was liquidated from the market overnight, including $ 650 million in longs. Overall, the market lost about 5% per day.