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Middle East Tensions Impacting the Crypto Market: Is the Decline Over?
The recent airstrike by Israel on Iran sent shockwaves through the crypto market, causing Bitcoin (BTC) to dip but manage a quick recovery. The geopolitical turmoil heated discussions overnight, leading to notable drops in major cryptocurrencies.
Ethereum (ETH), the leader of altcoins, saw a decline of 4.53%, nearing the $2,350 mark. Meanwhile, BTC slipped to $65,500, a level last seen on October 23. Traders had hoped for a breakthrough past the $70,000 resistance, but the price touched $65,000 twice in just three days, sparking anxiety in the market.
Despite these fluctuations, analysts remain optimistic, suggesting that while corrections are common, the overall bullish outlook persists. BTC, initially affected by the conflict, rebounded by 2.25% after the impact of the operations was short-lived.
The night’s volatility placed significant risk on futures traders, with Coinglass data revealing $215 million in liquidations over the last 12 hours. Long positions took the hardest hit, accounting for $190 million in liquidations, while short positions saw $26 million wiped out. A staggering 138,524 traders faced liquidation in the past 24 hours, predominantly in altcoins. BTC transactions experienced a loss of $65.33 million, with ETH following closely at $59.75 million.
Altcoins such as DOGS, IO, TURBO, CAT, EIGEN, $TIA, $NOT, and $GALA faced the steepest declines, leaving many investors unsettled.
Stay informed and prepared as the market reacts to ongoing geopolitical events.
#CryptoDeNostradame #ParrotBambooCrypto
