On the morning of May 28, Bitcoin plunged to $72,745 following overnight U.S. military strikes on Iran, according to Reuters. At the time of publication, the cryptocurrency was trading around $73,155, down more than 3.5% over the past 24 hours.
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Bitcoin Falls Below $73,000 for the First Time in Weeks After New U.S. Strikes on Iran
The United States launched new strikes on Iranian military targets, triggering one of the largest liquidation waves in weeks.
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The sell-off hit the broader crypto market as well. Ethereum dropped 4.7% to $1,975, falling below the $2,000 mark. Solana, XRP, and Dogecoin also declined by 3.5–3.8%.
Liquidation Wave
Over the past 24 hours, 166,117 traders were liquidated for a total of $929.88 M, according to CoinGlass data. Long positions accounted for $870.74 M, while short positions made up $59.14 M.
Bitcoin saw the largest liquidation volume at $366.17 M. Ethereum ranked second with $239.46 M. Other cryptocurrencies collectively accounted for around $91.5 M in liquidations.
The largest single liquidation was a $15.34 M BTC long position on Hyperliquid.
More than $100 B was wiped off the total crypto market capitalization over the past 24 hours.
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.
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