Gold

April

<div class="finbold">
 <p class="paragraph">The cryptocurrency market lost $430 billion in capitalization since April 12, amid an unprecedented Iranian offensive against Israel. Traders lost over $2 billion in liquidations, which mostly affected Bitcoin (BTC), by $500 million, in an immediate risk-off reaction.</p>
 <p class="paragraph">Notably, the <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a> started a day before the Iranian airstrike against Israel dominated headlines worldwide. On April 13, Finbold reported a $150 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a> with nearly $1 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> liquidated from cryptocurrency traders in 24 <a rel="noopener noreferrer nofollow" title="hours" href="https://thebittimes.com/tag/hours.html">hours</a>. At that time, there were no public confirmations of the later-known escalation of the war in Iran.</p>
 <p class="paragraph">After that, the cryptocurrencies took another hit following the subsequent news on Saturday night, in a panic sell-off. On that note, <em>TradingView</em>‘s Total Crypto Market Cap Index registered a drop of $429.11 billion in the 48 hours before the attack, for 17% losses.</p>
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 <p class="paragraph">The index now registers a $2.258 trillion capitalization, partially recovered from the crash to $2.098 trillion amid the offensive’s fear. Geopolitical tensions like war have had a massive historical impact on risky assets like Bitcoin and stocks.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="662" src="https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp" alt class="wp-image-168749" srcset="https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp 1024w, https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp 300w, https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp 768w, https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp 1536w, https://cdn.thebittimes.com/images/2024/04/14/f09b860944e628650174ad0b5593fdf9.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Total Crypto Market Cap Index, daily chart. Source: <em>TradingView</em>/Finbold
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 <h2 class="wp-block-heading" id="h-2-billion-liquidated-from-the-cryptocurrency-market-crash">$2 billion liquidated from the cryptocurrency market crash</h2>
 <p class="paragraph">As of writing, data from <em>CoinGlass</em> registers $961.25 million in cryptocurrency liquidations in the derivatives <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>. This amount sums up to the nearly $1 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> liquidations reported before Iran sent the drones and missiles to Israel.</p>
 <p class="paragraph">Interestingly, the previous liquidation event was dominated by ‘Other’ cryptocurrencies instead of Bitcoin and Ethereum (ETH). Now, the two leading projects accumulated the highest losses and Bitcoin traders lost over $500 million in these 48 hours.</p>
 <p class="paragraph">In particular, the largest single liquidation happened on Binance with the BTC/USDT pair, for $8.46 million in losses. Again, long positions were the most affected by the cryptocurrency <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>, with $771.15 million in long liquidations.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="349" src="https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp" alt class="wp-image-168751" srcset="https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp 1024w, https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp 300w, https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp 768w, https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp 1536w, https://cdn.thebittimes.com/images/2024/04/14/4c50873fae36c10ee8df944dfa5572ff.webp 1838w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Liquidation Heatmap in 24 hours. Source: <em>CoinGlass</em>
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 <p class="paragraph">The<em> QCP Capital Broadcast</em> explained that Bitcoin suffered the biggest hit and acted as a leading indicator for finance markets.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“It is likely that BTC was used as a weekend proxy macro hedge and therefore bore the full brunt of the immediate risk-off reaction.”</p> <cite>– QCP Broadcast</cite>
 </blockquote>
 <h2 class="wp-block-heading" id="whats-next-after-the-iranian-offensive">What’s next after the Iranian offensive?</h2>
 <p class="paragraph">On the other hand, gold-backed cryptocurrencies registered a significant premium over gold indexes. Specifically, Pax Gold (PAXG) traded as high as $2,855 amid the market’s crash, now at $2,433 per ounce. <em>TradingView</em>‘s gold index’s last value is at $2,343 per ounce, $100 lower than PAXG’s current exchange rate.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="947" height="772" src="https://cdn.thebittimes.com/images/2024/04/14/5178ac89b2c7b7f7df60d9d9241c1594.webp" alt class="wp-image-168753" srcset="https://cdn.thebittimes.com/images/2024/04/14/5178ac89b2c7b7f7df60d9d9241c1594.webp 947w, https://cdn.thebittimes.com/images/2024/04/14/5178ac89b2c7b7f7df60d9d9241c1594.webp 300w, https://cdn.thebittimes.com/images/2024/04/14/5178ac89b2c7b7f7df60d9d9241c1594.webp 768w" sizes="(max-width: 947px) 100vw, 947px">
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   Pax Gold (PAXG) 24-hour price chart. Source: Finbold
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 <p class="paragraph">Historically, the precious metal and leading commodity is known as a hedge amid times of war and fear. Investors run to gold, silver, and similar assets for wealth protection. Therefore, this behavior happened this weekend, following Iran’s drone offensive against Israel.</p>
 <p class="paragraph">In the meantime, the founder of BlockTower Capital, Ari Paul, believes the conflict could de-escalate from this point.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Fingers crossed that Iran-Israel may de-escalate here. Iran fired their 300+ drones and rockets, early reports are that 99% were shot down, minimal damage. That may be ideal scenario for Iran to check the box on retaliation, without Israel needing to retaliate for fresh damage.</p>— Ari Paul ️ (@AriDavidPaul) April 14, 2024
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 <p class="paragraph">Fear, uncertainty, and doubt are the current dominating sentiments, and all eyes are now turned to the War of Gaza. Further developments will determine the market’s direction in the following days.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cryptocurrency-market-crashed-by-430-billion-in-48-hours-of-fear-tbt85315.html">https://thebittimes.com/cryptocurrency-market-crashed-by-430-billion-in-48-hours-of-fear-tbt85315.html</a></p>

Cryptocurrency market crashed by $430 billion in 48 hours of fear

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