The U.S. bombing of Iran impacts the cryptocurrency market! Ethereum once dropped 7%, while Bitcoin remains strong

The cryptocurrency market experienced a brief sell-off over the weekend, with Ethereum's decline reaching 7.7% early Sunday morning, and Bitcoin briefly falling below $101,000. This round of decline coincided with the U.S. airstrikes on Iran's nuclear facilities and escalating geopolitical tensions, leading to increased risk aversion among investors. Market panic resulted in large-scale liquidations, with approximately $679 million in cryptocurrency positions forcibly closed within 24 hours, affecting over 171,000 traders. The largest single loss came from a $9.15 million ETH long position on the HTX exchange. However, after the brief drop, both Bitcoin and Ethereum rebounded, recovering their losses. According to CCTV News, the U.S. has completed attacks on three nuclear facilities in Iran: Fordow, Natanz, and Isfahan. Ethereum Faces Setback, Drops to Five-Month Low Ethereum (ETH) was the weakest performer in this round of sell-off, with prices dropping to around $2,200, marking the lowest intraday level since May 9 of last year. Data shows that Ethereum's decline reached 7.7% during the early Asian trading session, before narrowing somewhat, currently trading around $2,263. The decline has continued to narrow to about 0.5%, reported at $2,285. Caroline Mauron, co-founder of liquidity provider Orbit Markets, stated, "The market is closely monitoring ongoing geopolitical developments. She pointed out that Bitcoin at $100,000 and Ethereum at $2,000 will be key observation points over the weekend, while oil prices will be a particular focus when traditional markets reopen." Bitcoin Relatively Resilient In contrast to Ethereum's significant drop, Bitcoin has shown relative stability. Although it briefly fell below $101,000, it was nearly flat at 1:10 PM Singapore time, currently trading above $102,000. Currently, Bitcoin's price is slowly recovering, up about 0.6%. Cosmo Jiang, a general partner at Pantera Capital Management, noted that concerns over whether the U.S. would strike Iran led to the sell-off throughout the week until the weekend. With the airstrikes confirmed and the situation appearing closer to resolution, prices seem to have at least found a local bottom Market analysis shows that the price of Bitcoin is currently compressed within the range of $101,500 to $104,000, forming a potential "liquidity sweep" pattern as believed by many analysts. Analyst Altcoin Sherpa hinted that the price may drop below $101,000 to trigger stop-losses before rebounding. Market Liquidation Scale Hits New Highs as Risk Aversion Rises Market volatility triggered by geopolitical tensions has led to large-scale liquidation events. According to Coinglass data, approximately $679 million in cryptocurrency bets were liquidated in the past 24 hours, with about $554 million and $67 million coming from the closing of long and short positions, respectively. The liquidation events further exacerbated market uncertainty and volatility. Over 171,000 traders faced liquidation in a single day, highlighting the high risks of leveraged trading in the current market environment. AI concept tokens followed the downward trend, with some tokens dropping more than 10%, reflecting investors' shift towards relatively safe assets