The cryptocurrency market experienced a sharp decline on Friday following Israel’s airstrike on Iran. Major altcoins suffered significant losses as liquidations exceeded $1 billion amid fears of escalating conflict.
Ethereum dropped 7.8% to $2,533, XRP fell 3.9% to $2.13, and Solana declined 8.4% to $145, according to CoinGecko. Stablecoins remained steady, showing resilience during the sell-off.
Data from CoinGlass revealed that $1.16 billion in liquidations swept across the market. Bitcoin led with $449.95 million in liquidations, followed by Ethereum at $301.92 million and Solana at $53.46 million. Most liquidations involved long positions.
Predictors on Myriad Markets noted an increase in expected Bitcoin long position liquidations for June 14, rising to over 55.8% from nearly 50% on the previous day.
Israel’s airstrike targeted Iranian nuclear facilities, missile factories, and military commanders. Iranian state media reported casualties, including civilians and officials. Iranian President Masoud Pezeshkian warned of repercussions and announced a “special meeting” to determine Iran’s response. Israel declared a state of emergency anticipating retaliatory missile and drone strikes.
The geopolitical crisis also lowered optimism for a U.S.-Iran nuclear deal, with Myriad predictors placing the probability at just 4.7%.
U.S. Secretary of State Marco Rubio confirmed that the U.S. was not involved in the strikes and urged Iran to avoid attacking American personnel.
Bitcoin’s price fell 2.2% to $104,976, showing less volatility compared to altcoins.