As the war between Israel and the Islamic organization Hamas intensified, the cryptocurrency market suffered a sharp drop in a short period of time, with about $100 million in long positions being liquidated in the past 24 hours.
The war in the Middle East is raging. The Islamic radical organization Hamas raided Israel on the 7th, causing heavy casualties. The next day, Israel officially declared war on Hamas and launched a fierce air strike in response. The death toll on both sides has now exceeded 1,600, and more than 7,000 people have been injured in the war.
Israel's central bank sells $30 billion to save market
The intensified Israeli-Palestinian conflict has caused a crisis in the Middle East market. Yesterday (9), the Israeli legal currency, the shekel, continued to fall, depreciating by more than 3% against the US dollar. The three major types of stocks, real estate, finance and insurance, plummeted. The Central Bank of Israel issued a press release, announcing the sale of US$30 billion in foreign exchange in order to stabilize the foreign exchange market, saying that if necessary, it would conduct foreign exchange swaps to increase market liquidity.
The cryptocurrency market was severely hit, with over $100 million liquidated in 24 hours
The war in the Middle East also impacted the cryptocurrency market. Global investors turned risk-averse, with Bitcoin and Ethereum bearing the brunt. The derivatives market further dampened bulls, triggering a liquidation volume of more than $100 million.
According to CoinGlass data, the cryptocurrency derivatives market liquidated a total of US$115 million in the past 24 hours, of which nearly 90% were long positions, with Ethereum accounting for the largest amount of more than US$32 million.
Ethereum fell to a low of $1,546 in the early morning of this morning (10) and is currently trading at $1,585. On the other hand, Bitcoin fell to a low of $27,260 in the early morning and is currently trading at $27,632.