More than $450 million in crypto bets were wiped out in just 24 hours as bitcoin’s (BTC) price dropped due to rising tensions between Iran and Israel.
What’s the significance: A lot of traders were betting on bitcoin prices going up in October, but the sudden drop led to big losses.
This shows just how unstable the market can be, especially when global events cause uncertainty.
The numbers:
$450 million in total liquidations
$122 million in BTC losses
$100 million in ETH losses
$85 million lost on smaller cryptocurrencies, including $10 million from the memecoin pepe (PEPE)
Liquidations happen when traders borrow money to make big bets, and the exchange forces them to sell if the market moves against them.
This can lead to a chain reaction, with more people selling and causing the price to drop further.
Still: Bitcoin did show signs of recovery, bouncing from a low of $60,300 to over $61,500. If the recovery continues, it might help traders regain confidence.
What to watch: The ongoing conflict in the Middle East, as well as the upcoming U.S. elections will continue to dominate headlines and affect market sentiment.
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