Crypto Market Loses $1 Billion as Israel Reportedly Attacks Iran

According to confirmed reports, Israel has launched a ‘pre-emptive strike’ on Tehran and declared a state of emergency. This rapid escalation of the conflict drove mass liquidations in the crypto market.According to Coinglass data, nearly $1 billion has been liquidated from the crypto market in the past 24 hours, with most of the liquidation taking place in the last hour. The overall market is down by 8%.At the time of this report, Bitcoin had nosedived from $108,000 to $103,500. However, altcoins have suffered the harshest blow.

Crypto Liquidation Heatmap. Source: Coinglass

Since the first reports of Israel’s strike, Pi Network dropped a staggering 16% within an hour. Solana and Cardano have also dropped 5%.

Earlier on Thursday, BeInCrypto reported that any escalation in the Iran-Israel conflict would have a significant impact on the crypto market due to FUD.Banking giant JP Morgan earlier said that an Israel-Iran war would drive oil price and almost double US inflation to 5%.

Tomorrow’s stock market reaction and further progression of the conflict will be pivotal for the crypto market’s direction.This is a developing story.