The cryptocurrency market continues to show high volatility, as seen in the increased liquidation in the derivatives market. Bitcoin has once again surged above the crucial $100,000 level, but the overall market situation remains uncertain due to the strong influence of global macroeconomic and geopolitical factors.
The price of Bitcoin plunged to a low of $98,000 after the conflict between Israel and Iran escalated, in which the United States also intervened by attacking three strategic Iranian locations. The immediate response from Tehran, including a threat to close the Strait of Hormuz, a major global oil shipping route, caused oil prices to skyrocket. However, the crypto market was also turbulent, and Bitcoin only recovered to around $102,000 after succumbing to selling pressure.
According to Coinglass, more than $600 million has been liquidated in the derivatives market in the past 24 hours, while yesterday's volume exceeding $1 billion reflects the extent to which this uncertainty is affecting short-term investors. The current situation remains volatile and highly volatile.
Meanwhile, altcoins have shown mixed performance. Some coins like HYPE have surged by almost 6% in the past 24 hours, while Story (IP), Sonic (S), and KAIA have led the charts with gains ranging from 7.5% to 10%. On the other hand, tokens like Mantle (MNT) and Bitget Token (BGB) have continued to decline, falling 3.7% and 2.9% respectively, suggesting an uneven recovery in the altcoin market.
