$292M liquidated in crypto market amid US-Iran tensions
Over $292 million in crypto positions were liquidated amid rising US-Iran tensions and a blockade near the Strait of Hormuz, fueling risk-off sentiment and volatility. Bitcoin's price outlook has weakened, with market odds of hitting $80,000 in April falling to 17.5% from 42% a week ago. The liquidation wave has increased speculation of a potential drop to $60,000, as thin market depth amplifies price swings. Geopolitical developments continue to weigh on investor sentiment, with small trading volumes capable of moving markets significantly.
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The cryptocurrency market saw over $292 million liquidated in a single day. Bitcoin reaching $80,000 in April now sits at 17.5% YES, down from 26% yesterday. The $80,000 target has been hit hard by the liquidation wave. Odds for Bitcoin reaching that mark have dropped from 42% a week ago to their current level. The $150,000 market is effectively dead at 0.1% YES. The liquidation event has pushed bearish sentiment further for Bitcoin’s April price. Geopolitical tensions around the US-Iran situation and the Strait of Hormuz blockade are feeding risk-off behavior. New bets are appearing on a potential drop to $60,000. Liquidity is concentrated in the $80,000 market, which trades $125,323 daily in real USDC. But just $8,440 can move the price by 5 points, a sign of thin depth.
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