United

<p>It appears that the cryptocurrency market is poised for a massive price drop and may crash in the coming hours, following the escalated tension between Iran and Israel. During the opening bell of the US stock market, Barak Ravid, a political reporter shared a post on X (previously Twitter) that Iran is preparing to imminently launch a ballistic missile attack against Israel.</p>   
<h2 class="wp-block-heading" id="h-escalating-tensions-between-iran-and-israel"><strong>Escalating Tensions Between Iran and Israel</strong></h2>   
<p>Barak noted that “Senior White House Official tells me: ‘The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel.’"&nbsp;</p>   
<figure class="wp-block-image size-full">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/01212809/ndnndkmkdmd.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/01212809/ndnndkmkdmd.png" alt="" class="wp-image-358231"></a>
 <figcaption class="wp-element-caption">
  Source: X (Previously Twitter)
 </figcaption>
</figure>   
<p>However, this post went viral like wildfire as it gained significant attention from crypto enthusiasts and has gained 1.2 million views in just a few hours.</p>   
<h2 class="wp-block-heading" id="h-crypto-market-begins-to-decline"><strong>Crypto Market Begins to Decline</strong></h2>   
<p>At press time, the overall cryptocurrency market began falling, while major <a href="https://coinpedia.org/price-analysis/how-the-crypto-market-could-perform-in-october-top-tokens-to-watch/">cryptocurrencies</a> like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced price declines of over 2.5%, 3.5%, 4.6%, and 3.2%, respectively, over the past 24 hours. The majority of the price decline occurred following the news of the ballistic missile attack on Israel.</p>   
<h2 class="wp-block-heading" id="h-traders-liquidated-351-21-million-nbsp"><strong>Traders Liquidated $351.21 Million&nbsp;</strong></h2>   
<p>Following this news, traders have liquidated a significant $351.21 million, according to data from on-chain analytics firm <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>. However, the single largest liquidation occurred on Binance, the world’s biggest cryptocurrency exchange, involving a BTC/USDT pair worth $12.37 million.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/01212925/dkvndjnvjdnk.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/01212925/dkvndjnvjdnk-1024x260.png" alt="" class="wp-image-358232"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>Amid this liquidation, the majority of liquidation happened in the past four hours,&nbsp; with bulls facing the hardest hit during this price decline.</p>   
<p>While analyzing total Bitcoin (BTC) liquidations in the past four hours, bulls have liquidated $50 million worth of long positions, while bears have faced $3.15 million of liquidations during the same period. Similarly, in Ethereum (ETH), bulls' liquidations reached $43.15 million, while bears' short positions amounted to $4.56 million during the same period.</p>

Why the Crypto Market is Crashing Today?

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