Single Airstrike Puts Crypto Market on High Alert... Bitcoin Collapses Below $73,000

▲ Bitcoin (BTC), cryptocurrency decline, bear market/AI generated image

After the confirmation of the US airstrike on Iran, the cryptocurrency market rapidly froze, pushing Bitcoin (Bitcoin, BTC) below $73,000. In the derivatives market, liquidations totaling $293.39 million occurred within 24 hours.

According to crypto news outlet Coingape on June 1 (local time), selling pressure in the cryptocurrency market intensified over the weekend after the US confirmed military strikes on Iranian targets. Coingape reported that derivatives traders shifted to risk-off mode, and the decline in cryptocurrency prices led to nearly $293 million in liquidations.

Bitcoin fell below the key price level of $73,000, trading at $72,756 at the time of writing. Ethereum (Ethereum, ETH) dropped 1.1% to $1,975, and XRP slipped 0.3% to $1.30. Major cryptocurrencies such as Solana (Solana, SOL), Cardano (Cardano, ADA), and Dogecoin (Dogecoin, DOGE) also could not avoid a synchronized decline.

The market shock stemmed from escalating tensions between Washington and Tehran. After Iran shot down a US drone, the US Central Command announced that it had attacked Iranian targets near Geruk and around Qeshm Island. Central Command stated, “These measured and deliberate airstrikes are a response to Iran's aggressive actions, including the downing of a US MQ-1 drone operating in international airspace.” It added, “US military aircraft quickly removed Iranian air defense systems, ground control stations, and two one-way attack drones that posed a clear threat to vessels transiting the regional waters.”

According to Coinglass data, 113,006 traders were liquidated in the last 24 hours, with total liquidations amounting to $293.39 million. Of this, long position losses accounted for $179.1 million, and short position liquidations were $114.29 million. Liquidations in the last hour totaled $45.03 million, with $41.41 million coming from bullish long positions. 4-hour liquidations increased to $89.96 million, and 12-hour liquidations to $213.27 million.

By asset, Ethereum recorded the largest liquidations at $61.59 million over 24 hours. Bitcoin liquidations were $51.09 million, while Solana saw over $8 million and XRP over $4 million in liquidations. Amid the overall market turmoil, Hyperliquid (Hyperliquid, HYPE) rose more than 4.5% to $72.58, and Stellar (Stellar, XLM) climbed over 11% to $0.2577 amid its collaboration with DTCC.

Geopolitical risks also spread to the energy market. Concerns about disruptions in the Strait of Hormuz grew, causing oil prices to surge 3.18% in a day to $90.14 per barrel, which also put pressure on digital asset prices. Coingape reported that the market is watching US employment figures and global inflation data this week.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*