Bitcoin, Ethereum, Dogecoin Decline As $100M Vanishes In A Single Day Amid Israel-Palestinian Conflict: Analyst Says ETH, BTC Are 'Getting Slaughtered'

Major cryptocurrencies plunged on Monday evening following an escalation in the Israeli-Palestinian conflict over the weekend.

What Happened: Cryptocurrency traders faced significant losses exceeding $100 million from liquidations during Monday’s market downturn, which was triggered by a decline in digital asset prices coupled with an increasing conflict in the Middle East.

Within the last 24 hours, over 42,778 traders have been liquidated, resulting in a staggering total of $114.94 million in liquidations. The largest individual liquidation occurred on Binance, involving the ETH/BUSD pair with a value of $4.53 million.

CoinGlass data reveals that a staggering $105 million of long positions, which were speculative bets on price increases, were entirely wiped out. These liquidations occur when an exchange terminates a leveraged trading position due to either a complete or partial loss of the trader’s initial margin. Essentially, this happens when the trader fails to meet the margin requirements or lacks sufficient funds to sustain the position.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event – Future of Digital Assets. Tickets are flying-  get yours!

Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.09 trillion, reflecting a decrease of 0.35% in the past 24 hours. Cryptocurrencies didn’t mirror the gains seen in other risk assets on Monday. The S&P 500 gained 0.63%, ending at 4,335.66. The tech-heavy Nasdaq Composite added 0.39%, landing at 13,484.24.

See More: Best Cryptocurrency Scanners

Analyst Notes

Crypto analyst Michael Van de Poppe said Bitcoin is currently holding the critical support level.

"Most likely the path towards $30K is going to start from here. Gold is up, uncertainties rise, Yields are down, so Bitcoin should follow."

Pseudonymous analyst Altcoin Sherpa said ETH, BTC is "getting slaughtered, I don’t see a bounce until we get to lower areas. Thinking low 0.05s. That said, I still think November is  a great time to buy altcoins."

The analyst added, "The time for a short altcoin rally is just right around the corner IMO." 

Since October 6, on-chain analytics firm Santiment has observed a noticeable shift in the cryptocurrency community’s focus from regular price discussions to the Israel and Palestine conflict. While the conflict has not had a significant impact on the crypto market thus far, it is important to note that further escalation could potentially result in heightened price sensitivity.

Photo by FellowNeko on Shutterstock

Join Benzinga’s Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users