Massive $503 million in liquidations hit 134,000 traders, worsening the ongoing market crash.
The cryptocurrency market has been under immense pressure over the past week, primarily due to growing geopolitical risks. On June 21, the total cryptocurrency market dropped by 1.26% to $3.21 trillion, wiping out nearly $240 billion in value.
Bitcoin led the fall, slipping to a low of $103,127, down 2% in just seven days. Altcoins were hit even harder — Ethereum dropped to $2,456, losing 10% during the same time.
But what exactly is causing this crypto market crash? Let’s break down!
The biggest trigger has been the rising conflict between Israel and Iran. Crypto investors are now worried that the U.S. might step into the war, as Trump has already warned Iran over not signing a deal.
As a result, Bitcoin fell from $108,000 to $103,000 in a week, while Ethereum, Solana & Dogecoin also dropped over 10%.
Whales are starting to sell huge amounts of Bitcoin and moving off altcoin on the exchange. According to Glassnode data, wallets that held BTC for 6-12 months sold over $900 million recently. Even those who’ve held Bitcoin for over a year have started cashing out.
In early June, long-term holders took home $1.2 billion in profits, one of the biggest profit-taking waves this year.
As prices dropped, many traders using leverage got wiped out. In the past 24 hours alone, over $503 million in crypto positions were liquidated, with 134,000 traders affected.
Most of these losses happened on Ethereum, which saw $183 million in liquidations. The largest single loss was seen by a Bitcoin trade worth $8 million on the Bybit exchange.
While Bitcoin dropped about 2%, most altcoins dropped even more. Ethereum is down 10% for the week, Solana fell over 11%, and XRP lost 1.4%. The Altcoin Index has dropped to 22, showing Bitcoin is dominating the market.
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