Bitcoin, Ethereum, Dogecoin Decline As $100M Vanishes In A Single Day Amid Israel-Palestinian Conflict: Analyst Says ETH, BTC Are 'Getting Slaughtered'

Zinger Key Points
  • Cryptocurrency traders faced significant losses exceeding $100 million from liquidations.
  • Santiment has observed a noticeable shift in the cryptocurrency community's focus.
  • Michael Van de Poppe said Bitcoin is currently holding the critical support level.

Major cryptocurrencies plunged on Monday evening following an escalation in the Israeli-Palestinian conflict over the weekend.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Bitcoin BTC/USD-0.49%$27,592
Ethereum ETH/USD-0.73%$1,579
Dogecoin DOGE/USD-0.99%$0.052

What Happened: Cryptocurrency traders faced significant losses exceeding $100 million from liquidations during Monday’s market downturn, which was triggered by a decline in digital asset prices coupled with an increasing conflict in the Middle East.

Within the last 24 hours, over 42,778 traders have been liquidated, resulting in a staggering total of $114.94 million in liquidations. The largest individual liquidation occurred on Binance, involving the ETH/BUSD pair with a value of $4.53 million.

CoinGlass data reveals that a staggering $105 million of long positions, which were speculative bets on price increases, were entirely wiped out. These liquidations occur when an exchange terminates a leveraged trading position due to either a complete or partial loss of the trader’s initial margin. Essentially, this happens when the trader fails to meet the margin requirements or lacks sufficient funds to sustain the position.

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Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Tether Gold+0.70%$1,845
Monero+0.27%$154
Pax Gold+0.05%$1,857

The global crypto market cap currently stands at $1.09 trillion, reflecting a decrease of 0.35% in the past 24 hours. Cryptocurrencies didn’t mirror the gains seen in other risk assets on Monday. The S&P 500 gained 0.63%, ending at 4,335.66. The tech-heavy Nasdaq Composite added 0.39%, landing at 13,484.24.

See More: Best Cryptocurrency Scanners

Analyst Notes

Crypto analyst Michael Van de Poppe said Bitcoin is currently holding the critical support level.

"Most likely the path towards $30K is going to start from here. Gold is up, uncertainties rise, Yields are down, so Bitcoin should follow."

Pseudonymous analyst Altcoin Sherpa said ETH, BTC is "getting slaughtered, I don’t see a bounce until we get to lower areas. Thinking low 0.05s. That said, I still think November is  a great time to buy altcoins."


The analyst added, "The time for a short altcoin rally is just right around the corner IMO." 

Since October 6, on-chain analytics firm Santiment has observed a noticeable shift in the cryptocurrency community’s focus from regular price discussions to the Israel and Palestine conflict. While the conflict has not had a significant impact on the crypto market thus far, it is important to note that further escalation could potentially result in heightened price sensitivity.

Photo by FellowNeko on Shutterstock

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