Bitcoin, other cryptocurrencies sink as Israel escalates Iran stand-off with air strikes
Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data
The sell-off came after explosions were heard in Tehran, according to local media.
Israeli Defence Minister Israel Katz said he was declaring a special state of emergency due to Israel’s “pre-emptive strike against Iran”. Israel is anticipating a retaliatory drone and missile attack, Katz said.
“Cryptocurrency is reacting negatively to news of Israel strikes in Iran, in line with major risk assets,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. “We expect to see technical support around US$101,000, but geopolitical news will drive price action from here in the short-term.”