Liquidations jump to $547 million as oil rally hits crypto market
Source: CoinDesk ·
From the source
Bitcoin fell below $84,000 as oil climbed on Iranian tanker attacks, while smaller tokens fell harder and liquidations rose to $547 million. Bitcoin BTC $83,780.87 slipped below $84,000 shortly after midnight UTC after Iran stepped up attacks on tankers in the Strait of Hormuz, pushing Brent Crude above $101 a barrel and lifting Treasury yields and the dollar. The damage grew heavier further down the market, as the CoinDesk 80, which tracks a wide basket of smaller tokens, lost nearly 4% over the past 24 hours, against 2.5% for the CoinDesk 5. DeFi tokens fell almost 6% while the Memecoin Index tumbled by around 5%. Only a handful of tokens including SAND, PUMP and STX have managed to rise since midnight UTC. Liquidations climbed 235% to $547 million over the past 24 hours, according to CoinGlass. Ether ETH $2,580.79 positions accounted for $174 million of that as it trades at $2,600 having lost 3.5% since midnight. Demand from U.S. spot bitcoin ETFs had held up going into the drop.…