The total cryptocurrency market capitalisation has reportedly dropped by 6 per cent, driven by over $550 million in liquidations.
A report by Nairametrics on Thursday, October 3, noted that the decline is largely attributed to escalating geopolitical tensions in the Middle East, where Iran recently launched over 200 ballistic missiles into Israeli territory, heightening uncertainty in global markets.
In response, investors are shifting from risky assets like cryptocurrencies to safer options, causing significant price drops in key assets like Bitcoin and Ethereum.
The report highlighted that data from Coinglass shows that over $556 million worth of futures contracts were liquidated in the past 24 hours, with Bitcoin, Ethereum, and Solana seeing liquidations worth $143 million, $119 million, and $20 million, respectively. Binance led in liquidation volume, accounting for $273.4 million, followed by OKX and Bybit.
