Cryptos Flash Crash as US-Iran Conflict Escalates Sharply, Bitcoin Drops Below $78,000
TradingKey - Sudden Escalation in US-Iran Tensions Triggers Safe-Haven Sell-Off! Crypto Market Slumps Across the Board as Bitcoin Plummets Below $78,000 Level.
On September 2, the escalation of the US-Iran conflict triggered a collective dive in cryptocurrencies, with Bitcoin (BTC) falling 1.86% and dropping below the $78,000 mark; Ethereum (ETH) fell 2.5%, approaching $2,400; Binance Coin (BNB) fell 1.32%, nearing $680; Ripple (XRP) plummeted over 3%, temporarily trading at $1.34.
Price changes of the top 10 cryptocurrencies by market cap, Source: CoinMarketCap
On September 2, according to reports from foreign media including Israel's Channel 12 and Iran's Mehr News Agency, the U.S. launched strikes inside Iran. U.S. Central Command also issued a statement confirming strikes against Islamic Revolutionary Guard Corps targets, including air defense positions, radar systems, minelaying capabilities, and communication sites. In retaliation, Iran fired heavy ballistic missiles at a U.S. Marine Corps camp in Jordan, claiming to have caused heavy U.S. casualties.
Driven by the sharp escalation of geopolitical tensions between the U.S. and Iran, global safe-haven sentiment erupted instantly, triggering liquidity panic and cascading liquidations across the cryptocurrency market. Bitcoin rapidly fell below the $78,000 mark, leading to widespread liquidations in altcoins and high-beta leveraged contracts. Over the past 24 hours, 83,000 traders were liquidated network-wide, with total liquidations exceeding $300 million, of which long positions accounted for over $250 million, or more than 80%.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
