The cryptocurrency market faced another significant setback, losing over $190 million through liquidations within the last 24 hours. Bitcoin experienced a sharp decline yesterday, primarily due to heightened tensions in the Middle East, causing panic across various markets.
Despite the turmoil, certain altcoins are displaying signs of recovery, leading to short sellers being wiped out, and analysts anticipating a potential bounce in the near future.
**Bitcoin** plummeted nearly 4% during one of June’s worst days, crashing to approximately $102,664. This sharp decline was mainly driven by escalating geopolitical tensions in the Middle East, resulting in over $1 billion in leveraged positions getting liquidated in a single day.
However, within a day, the market dynamics started shifting. Although the market remains uncertain, several coins have begun to rise again.
During the recent market turmoil, leveraged trades worth $190.25 million were liquidated. Notably, short positions endured more significant losses of $107 million compared to long positions, which saw losses of $83.1 million.
As short trades were liquidated, traders hurried to repurchase their positions, leading to price increases. Over the past 24 hours, more than 58,000 traders faced liquidation, with total losses amounting to $191.32 million. The most substantial single liquidation involved $6.26 million on Binance, involving Bitcoin.
While **Bitcoin** is regaining stability, certain altcoins and meme tokens are quietly climbing up the charts. Shiba Inu surged by 4%, Hyperliquid (HYPE) jumped by 4.5%, Litecoin (LTC) rose by 3%, Pi Network (Pi) increased by 4.2%, and PEPE witnessed a 3.6% increase.
Analysts speculate that this market correction may set the stage for a significant rally in the near future. Drawing parallels to a similar scenario in April 2024, when Bitcoin surged by 15% just 11 days after tensions between Israel and Iran, followed by a 48% surge two months later.
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