Crypto Market Drops $92 Billion as US-Iran Tensions Spark Risk-Off Trade

The crypto market took a significant hit on Thursday, losing about $92 billion in value since early Wednesday. The decline is attributed to rising US-Iran tensions, oil-price concerns, and inflation fears that pushed traders away from risk assets.

Total crypto market capitalization fell by approximately 3.2% to $2.82 trillion. Bitcoin (BTC) dropped 3.4% to $83,512 and briefly touched $82,900 on Thursday morning before recovering.

The decline also triggered about $399.5 million in liquidations over the past 24 hours, affecting more than 92,000 traders. Long positions accounted for around $297 million of this total, while a single largest liquidation involved an $11.48 million Ether (ETH) position.