The global crypto market has once again felt the weight of geopolitical turmoil, as more than $647 million was wiped out in liquidations in the past 24 hours. This sweeping sell-off hit over 185,000 traders, with the majority of losses coming from bullish bets that collapsed under intensifying market pressure.
On June 23, U.S. forces carried out airstrikes on three key Iranian nuclear facilities. President Donald Trump called the strikes a “success” and warned of further retaliation if provoked. The attacks come after a volatile week of military action between Israel and Iran, unsettling global markets and investors alike.
This renewed conflict injected fear into already jittery markets. As a result, the total market capitalization of the cryptocurrency sector dropped by 1.50%, now standing at $3.1 trillion. Bitcoin, Ethereum, and XRP were all among the leading assets hit in the downturn, reflecting widespread investor unease.
Bitcoin (BTC) dropped 1.27% in the last 24 hours, trading at $101,497 at the time of writing. Ethereum (ETH) fell nearly 2%, slipping to $2,241. XRP saw a deeper decline of 2.52%, now hovering around $2.02.
With overall trading volume jumping 26.23% to $136.38 billion, it’s clear that panic-driven decisions are dominating investor sentiment. The Fear & Greed Index, a popular barometer for market mood, has dropped to 37, signaling that fear is beginning to outweigh confidence among traders.
According to CoinGlass, crypto liquidations today totaled $647.41 million. Over 185,000 traders saw their positions wiped out. Most of these losses were long positions, amounting to $504.95 million—proof that many traders were expecting prices to rise, not plummet.
The single largest liquidation occurred on the HTX exchange, where a Bitcoin/USDT long worth $35.45 million was erased in a flash.
Among exchanges, Bybit took the biggest hit, accounting for $252.46 million in liquidations. Binance followed with $137.57 million, and Gate trailed with $96.57 million.
The overwhelming dominance of long position liquidations shows how unprepared the market was for such a rapid shift. On Bitmex, over 95% of liquidated positions were long. On Bitfinex and CoinEx, the figure topped 90%, indicating an overly bullish crowd caught off guard by sudden market weakness.
From a technical standpoint, some indicators suggest the market might be nearing a short-term bounce. The Relative Strength Index (RSI) on the crypto market cap chart stands at 38.41, a level that traditionally points to bearish exhaustion.
Moreover, the total crypto market cap briefly touched the lower band of the Bollinger Band indicator, a classic signal that the market could be oversold. Historically, such conditions have been followed by minor relief rallies.
However, the overall trend remains down. The total market cap is still well below the 20-day Simple Moving Average (SMA) of $3.23 trillion, indicating that bearish pressure has not yet fully dissipated.
Bitcoin’s dominance has risen to 64.9%, reaching cycle highs. This suggests that capital is consolidating into BTC as a safer bet during uncertain times. Meanwhile, Ethereum’s dominance has declined to 8.7%, and other Layer 1 altcoins are also showing signs of weakness.
Altcoins are historically more volatile than Bitcoin, and during risk-off environments like the current one, they tend to underperform. That trend seems to be continuing.
Not all tokens have been swept up in the downturn. A few outliers have managed to defy the odds, posting positive gains during this chaotic session. Among the top gainers:
Story IP (IP): Up 11.35% intraday
Four (FOUR): Up 10.39%
Sonic (SONIC): Up 7.68%
These small-cap projects attracted speculative interest, though it remains unclear how long these gains can hold in such an unstable environment.
With Middle East tensions unlikely to ease soon, the crypto market may remain under pressure in the coming days. Investors should brace for continued volatility, especially if global financial markets react further to the conflict.
Technical signs suggest a potential short-term bounce, but market sentiment remains fragile. Until the broader geopolitical picture clears up or strong institutional buying returns, traders are likely to tread cautiously.
Whether this wave of liquidations marks the bottom or just another leg down remains to be seen—but for the 185,000 traders liquidated today, the damage has already been done.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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