Crypto Market Slumps as Trump-Iran Tensions Mount, Bitget Hack Fallout Continues
The crypto market is experiencing a downturn, with Bitcoin and several altcoins plummeting in value. Bitcoin's price has dropped to $84,148.99, down 0.6% in a day, while XRP fell harder to $1.55, down 4.7%. The total crypto valuation now stands at $2.97 trillion, down 0.6% in a day.
Traders have lost $187.86 million in forced liquidations, with 62,133 accounts wiped out in 24 hours. Two major factors are contributing to this drop: Trump's reported plan to bomb Iran after the midterms and the $387.5 million Bitget hack.
The Bitget hack occurred on September 24 and has left users reeling. The exchange has stated that user balances remain unaffected, but a significant portion of its Protection Fund will be used to cover the losses. Mandiant and SlowMist continue to investigate the incident.