Key Takeaways
- Nearly $650 million was wiped from the crypto market in just 24 hours as Bitcoin dipped below $99,000.
- Over 187,000 traders were liquidated, with long positions hit the hardest.
- The sell-off follows rising Middle East tensions and fears over the Strait of Hormuz closure.
Bitcoin (BTC) plunged under the $100,000 mark on Sunday as rising geopolitical tensions in the Middle East triggered a widespread sell-off across the crypto market.
The flash crash was linked to reports of the U.S. bombing Iran and speculation that Tehran could move to close the Strait of Hormuz—a key global oil chokepoint—sending markets into panic mode.
Liquidation Frenzy Hits Crypto Traders
According to Coinglass , more than 187,000 traders were liquidated in the past 24 hours, totaling $656.54 million. Over the weekend, nearly $1 billion in positions were wiped out.
Long traders bore the brunt of the damage, accounting for roughly $500 million in losses, while shorts lost about $155 million.
BTC traders saw $238 million in total liquidations:
- Longs: $190 million.
- Shorts: $48 million.
Ethereum (ETH) traders were hit for $191.8 million:
- Longs: $143.8 million.
- Shorts: $48 million.
The wave of forced selling reflects growing market fragility amid global uncertainty, even during what’s considered a bullish cycle.
Safe-Haven Narrative Faces New Test
Often compared to gold as a store of value in uncertain times, Bitcoin’s recent plunge has again raised questions about its safe-haven status.
While gold surged to fresh all-time highs on rising trade tensions and geopolitical shocks, BTC followed tech stocks into retreat, highlighting its volatility despite institutional growth.
Bitcoin’s scarcity and decentralized nature remain strong value propositions, but price swings like this continue to shake investor confidence in its “digital gold” moniker.
At the time of writing, BTC is trading just above $102,000, having bounced from yesterday’s dip below $99,000. Earlier in June, the asset hit a new all-time high above $111,970, but the rally has since cooled.
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