Bitcoin and altcoins drop sharply: $870 million destruction in derivatives market

Iran’s airstrike on Israel caused sharp declines in the cryptocurrency market. While Bitcoin retreated to $60,000 levels, some altcoins lost more than 30% of their value. In the derivatives market, there was a destruction of $870 million.

Bitcoin and altcoins drop sharply: $870 million destruction in derivatives market

The news that Iran launched an airstrike on Israel further deepened the declines in the cryptocurrency market that started on Friday.

Bitcoin, the biggest cryptocurrency by market capitalization, fell as low as $60,660, while altcoins saw double-digit declines. Many altcoins lost between 20% and 30% of their value within minutes.

Ethereum fell below $3,000, while XRP, which saw $0.43, fell to its level 1 year ago. ORDI, which fell 30%, EOS, which fell 24%, and AAVE, which fell 24%, suffered the biggest losses in the top 100.

According to Coinglass data, more than 230 thousand users’ positions were closed at a loss in leveraged transactions in the last 24 hours. The size of the positions closed at a loss reached over $870 million.

On the other hand, the price of PAXG, a token based on 1 ounce of gold, increased sharply. The token, which investors rushed, exceeded 3 thousand dollars. Ounce of gold had closed at $2,344 on Friday.

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