Bitcoin, Ethereum, Dogecoin Bleed After Israel Launches 'Premptive Strike' Against Iran: Analyst Foresees 'Lower Levels' For ETH If It Fails To Hold This Support
Leading cryptocurrencies nosedived Thursday as geopolitical tensions escalated following Israel’s military strikes on Iran.
What Happened: Bitcoin crashed below $104,000 overnight, sending the larger cryptocurrency market into collapse.
Ethereum's decline was steeper, as it sank over 9% in the last 24 hours below $2,550. The second-largest cryptocurrency eroded the gains it made after the rally to $2,860. Dogecoin was also down over 4%.
The meltdown comes after Israel launched what it said was a "preemptive strike" against Iran, according to Defense Minister Israel Katz, reported CNN. Katz said retaliatory strikes on Israel are expected.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with an overwhelming $947 million in longs getting wiped out.
The derivative markets were spooked. Bitcoin’s Open Interest dropped 5.69%, while funds locked in Ethereum’s outstanding contracts declined by more than 13%.
Interestingly, Binance traders were buying Bitcoin's dip, as over 50% of them were positioned short, according to the Long/Short ratio.
The "Greed" sentiment plunged from 71 to 61 over the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 8:30 p.m. ET)
Kaia (KAIA)
+0.77%
$0.1721
Tether Gold (XAUt)
+0.66%
$3,385
Pax Gold (PAXG)
+0.56%
$3,399.50
The global cryptocurrency market capitalization fell 1.38% in the last 24 hours to $3.39 trillion.
Stock futures bled overnight Thursday. The Dow Jones Industrial Average Futures tumbled 570 points, or 1.33%, as of 8:37 p.m. EDT. Futures tied to the S&P 500 sank 1.43%, while Nasdaq 100 Futures lost 1.44%.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Nebraskangooner warned that if Ethereum fails to hold a critical support level tied to a previous breakout around $2,500, it would likely drop lower.
“Zoomed out daily look with still plenty of time until tomorrows close but if it fails to hold the previous breakout candle base that would be a pretty nasty upthrust and likely signal lower levels to come,” the analyst said.
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