- Bitcoin fell under $70,000 and the crypto market dropped nearly 3% amid geopolitical worries and surging oil prices.
- Liquidations totaled roughly $272 million, with Ethereum leading forced unwinds at approximately $105 million.
- Altcoins like Dogecoin, Ethereum, and Solana fell over 5% each, while tron was the lone major gainer.
The cryptocurrency market experienced a broad selloff on Thursday morning, driven by escalating tensions between the U.S. and Iran and a consequent surge in oil prices above $100. This caused Bitcoin to slump below $70,000 and triggered a wave of significant liquidations across major digital assets.
Consequently, total market liquidations reached around $272 million over the past day, according to CoinGlass data. Forced unwinds of long positions accounted for over $200 million of this total, with Ethereum seeing the largest single batch of $105 million wiped out.
Meanwhile, altcoins led the decline, with Dogecoin, Ethereum, and Solana each falling more than 5%. ethereum’s price struggled to hold above $2,000, and retail sentiment for all three trended bearish on Stocktwits.
However, Tron (TRX) edged 0.4% higher, standing as the only top-ten cryptocurrency in the green. Retail sentiment for TRX on Stocktwits rose to ‘extremely bullish’ from ‘bullish,’ accompanied by high levels of chatter.
The market pressure coincided with rising crude oil prices, as Brent crude rose 2.74% to around $100.9. The geopolitical backdrop involves the 27th day of war, with the U.S. reportedly sending a 15-point peace plan to Iran via Pakistan.
Reuters reported that Iran’s state media said leadership is reviewing the proposal but has no intention of engaging in discussions. In a post on Truth Social, President Trump claimed Iran is “begging” for a deal while publicly posturing.
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