Bitcoin ($BTC) and altcoins, which experienced a strong recovery earlier this week, are facing sharp declines today.
Bitcoin fell 3.2% in 24 hours, dropping below $66,000. Ethereum (ETH), $XRP ($XRP), and Solana (SOL) also recorded similar losses. Ethereum fell back below $2,000, dropping to $1.38, while Solana fell to $83.
This decline is thought to stem from increasing speculation that a conflict could erupt between the US and Iran. Speculation about the possibility of a US-Iran conflict has also reduced risk appetite for Bitcoin and other risky assets.
Meanwhile, the US has withdrawn some embassy personnel from Israel, while China has urged its citizens to leave Iran.
Amid rising security concerns in the Middle East, the U.S. State Department has authorized the departure of some personnel and family members from the U.S. Embassy in Israel due to security risks.
Chinese officials have also advised their citizens to leave Iran.
According to AA news agency, the Chinese Ministry of Foreign Affairs stated, “Due to the significant increase in external security risks facing Iran in recent days, many countries have issued statements advising their citizens to evacuate. In this context, in light of the current security situation in Iran, the Ministry of Foreign Affairs and the Chinese Embassy in Iran remind Chinese citizens not to travel to Iran for the time being; and Chinese citizens in the country to strengthen their security measures and evacuate as soon as possible.”
According to Coinglass data, $294.8 million worth of leveraged trades were liquidated in the last 24 hours. Of this amount, $211.5 million was from long positions and $83.3 million was from short positions.
In the last 24 hours, 107,965 traders were liquidated, with the largest liquidation occurring on Bybit’s $BTC/USDT trading pair.
*This is not investment advice.