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Altcoins Lead $1B Crypto Crash Amid Escalating Middle East Tensions
- Altcoins, including Ethereum, Solana, and XRP, dropped sharply following Israel's airstrike on Iran, leading to over $1.15 billion in crypto liquidations.
- Bitcoin also declined but remained more resilient compared to altcoins, falling to $104,976 with concerns of a potential retest of the $100,000 level.
- Bitcoin led the liquidations at $449.95 million, followed by Ethereum at $301.92 million and Solana at $53.46 million, with a majority being long positions.
- Market sentiment turned bearish as the long-to-short ratio decreased to 0.9223, indicating a tilt towards bearish positions.
- Geopolitical anxiety led to a broader market impact with S&P 500 futures losing 1.9%, and gold and oil prices surging as investors sought safe-haven assets.
- Iran reported civilian and official casualties, leading to reduced odds of a nuclear deal with the U.S. as tensions rise.
- Some market participants anticipate a potential rebound, while others are monitoring upcoming U.S. CPI data to gauge market sentiment.
- The article also discusses the evolution of decentralized exchanges (DEXs), highlighting what's new for 2025 in the crypto space.
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