Crypto Markets Plummet $92 Billion Amid US-Iran Tensions
The crypto market is feeling the effects of rising US-Iran tensions. Iran's President Masoud Pezeshkian addressed the UN General Assembly on Wednesday, saying his country would not 'bow our head or bend at the knee.' He rejected accusations of terrorism and stated that Iran had only acted in self-defense.
In response to Pezeshkian's speech, US officials reportedly walked out. Traders anticipated a confrontation between the two countries, leading them to move away from riskier assets like crypto. This shift is partly due to the potential for higher oil prices and subsequent inflation, as conflict in the region can drive up costs.
The market's response was significant: nearly $92 billion has been wiped out since early Wednesday, with a 3.2% drop in total market value. Bitcoin, or BTC, fell by 3.4%, from $83,512 to $82,900 before recovering slightly.
CoinGlass data shows that about $399.5 million in positions were liquidated over the past 24 hours, with $297 million of that coming from long bets. This affected over 92,000 traders, with one Ethereum position worth $11.48 million being the largest single liquidation.