Crypto Market Loses $92 Billion as US-Iran Tensions Stoke Risk-Off Trade
The total market value fell about 3.2% to $2.82 trillion, while Bitcoin dropped 3.4% to $83,512.
The crypto market lost about $92 billion since early Wednesday as rising US-Iran tensions, oil-price concerns and inflation fears pushed traders away from risk assets.
Total crypto market capitalization fell about 3.2% to $2.82 trillion. Bitcoin (BTC) dropped 3.4% to $83,512 and briefly touched $82,900 Thursday morning before recovering.
The decline also triggered about $399.5 million in liquidations over the past 24 hours. Long positions accounted for about $297 million of the total, while more than 92,000 traders were affected. The largest single liquidation involved an $11.48 million Ether (ETH) position.
Iranian President Masoud Pezeshkian addressed the United Nations General Assembly on Wednesday, saying Iran remained open to talks but would not accept what he called the language of force. The US delegation walked out after Pezeshkian accused the United States of violence against civilians.
The market reaction reflects concern that regional conflict could lift oil prices and add to inflation pressure, making risk assets less attractive.
