Key facts
- Bitcoin price fell below $63,000 on Thursday.
- Total crypto liquidations reached $579.43 million in the past 24 hours.
- Long positions accounted for the majority of liquidations ($496.62 million).
- Bitcoin and Ethereum experienced the highest liquidation amounts.
- The market downturn coincided with an escalation of Israeli military actions in southern Lebanon.
- Iran threatened missile attacks on Israel and a blockade of the Strait of Hormuz.
Bitcoin experienced a significant price drop, falling below $63,000 and into the $62,000 range on Thursday. This decline coincided with a surge in cryptocurrency liquidations, totaling approximately $580 million over the preceding 24 hours. The broader financial markets were unsettled by escalating geopolitical tensions in the Middle East, specifically Israeli military actions against targets in southern Lebanon.
During the market downturn, data indicated that $496.62 million in long positions and $82.81 million in short positions were liquidated, affecting over 139,000 traders. Bitcoin saw the highest liquidation volume at $191.49 million, followed by Ethereum with $135.46 million. Other cryptocurrencies such as XRP, SOL, and ADA also registered notable liquidations.
The geopolitical situation intensified despite reports of a memorandum of understanding between the United States and Iran aimed at de-escalating regional conflict. Lebanese state media reported one fatality from an Israeli drone strike in southern Lebanon shortly after the agreement. Separately, Israeli troops reported one soldier killed and seven wounded in southern Lebanon the previous night. An Israeli military source indicated that operations would continue to 'remove threats' and establish a buffer zone extending approximately 10 kilometers into Lebanese territory, advising civilians to stay clear of the area.
Iran has warned the U.S. of canceling all scheduled talks and threatened to respond to Israel with missile attacks and a complete blockade of the Strait of Hormuz. This warning came after Tehran claimed a US-Iran memorandum of understanding had been violated by Israel's military operations in southern Lebanon. The planned Geneva meeting between US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf was postponed.