Haciyev Reşit 
After a midweek recovery, the crypto market has entered another downward wave. Bitcoin fell below $66,000 during the day, while major altcoins like Ethereum, XRP, and Solana also experienced similar losses. The recent momentum in the upward trend weakened, prompting investors to take more cautious positions. Rising geopolitical risks and global uncertainties have driven investors away from risky assets, increasing selling pressure in the crypto market. In particular, the demand for safe-haven assets in global markets has boosted volatility in Bitcoin and altcoins, deepening short-term corrections. Analysts note that the market’s direction in the coming days will continue to be shaped by macroeconomic developments and geopolitical news flow.
Latest Situation for Bitcoin and Altcoins
Bitcoin lost about 3.2% in the past 24 hours, falling below $66,000 and retreating toward short-term support levels. Ethereum slipped back below $2,000, XRP dropped to around $1.38, and Solana fell to $83 amid increased selling pressure, giving up much of its recent gains. The overall market shows decreased risk appetite and a shift to cautious positions. Short-term traders’ profit-taking, driven by macro and geopolitical developments, accelerated the price pullback. Analysts emphasize closely monitoring trading volume and liquidity to assess market stabilization.
Analysts attribute the drop mainly to rising speculation of a potential conflict between the U.S. and Iran. Escalating tensions in the Middle East have strengthened risk-off sentiment in global markets. The U.S. recalled some embassy staff from Israel, and China advised its citizens to leave Iran, raising geopolitical risk perceptions. The Chinese Foreign Ministry highlighted increased security risks in Iran, urging citizens to be cautious. These developments have increased selling pressure on highly volatile assets like crypto.
Million-Dollar Liquidations
According to Coinglass, $213.14 million in leveraged positions were liquidated in the past 24 hours $213.14 million from long positions and $82.2 million from short positions. A total of 108,393 traders were liquidated, highlighting how leveraged positions amplify sudden market moves. The largest single liquidation occurred on Bybit in the BTC/USDT pair. The high volume of long liquidations indicates that the decline was largely driven by the closing of bullish positions. Analysts warn that such liquidation waves increase short-term volatility and can intensify price movements through cascading effects.
Flight to Safety Remains Strong
The recent crypto market downturn underscores the impact of geopolitical tensions on investor psychology. Developments between the U.S. and Iran and global security concerns have heightened selling pressure on Bitcoin and altcoins. Analysts note that if geopolitical risks persist, volatility could remain high, with $66,000 acting as a key short-term support level for Bitcoin.
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