13.06.2025 21:04
Following Israel's extensive airstrike on Iran early Friday morning, the cryptocurrency market experienced a significant downturn. Major altcoins suffered substantial losses, resulting in over $1 billion in crypto liquidations. This sharp decline followed Israel's claim that the strike targeted Iranian nuclear facilities, ballistic missile production sites, and military leadership.
The impact on the crypto market was immediate and widespread. Ethereum, for instance, plummeted 7.8% in 24 hours, reaching $2,533 according to CoinGecko data. Similarly, XRP and Solana experienced considerable drops, falling 3.9% to $2.13 and 8.4% to $145 respectively. Interestingly, only stablecoins among the top 15 cryptocurrencies by market capitalization maintained their value, a concerning indicator of market instability.
This volatility led to a massive wave of liquidations, totaling $1.16 billion according to CoinGlass. Bitcoin accounted for the largest portion of these liquidations, with $449.95 million, followed by Ethereum at $301.92 million and Solana at $53.46 million. The overwhelming majority of these liquidations involved long positions, suggesting a significant shift in market sentiment.
The geopolitical tension further intensified market anxieties. Predictions on Myriad, regarding the likelihood of further Bitcoin long position liquidations, shifted dramatically. The odds climbed to over 55.8% on Saturday, June 14th, a considerable increase from the approximately 50% predicted on Thursday. This escalating uncertainty, fueled by Iranian President Masoud Pezeshkian's vow of retribution and Israel's declaration of a state of emergency, contributed significantly to the crypto market's instability. Iranian state media reported casualties, including civilians and high-ranking officials, further amplifying the already tense situation. The potential for further escalation and the uncertainty surrounding a possible Iranian response weighed heavily on investor confidence, triggering the widespread sell-off. This information is sourced from internet resources.
