Liquidations jump to $547 million as oil rally hits crypto market
- Bitcoin fell below $84,000 after Iran stepped up attacks on tankers in the Strait of Hormuz, sending Brent above $101 a barrel and lifting Treasury yields and the dollar.
- Losses ran deeper among smaller tokens, with the CoinDesk 80 down nearly 4% over 24 hours, while liquidations climbed 235% to $547 million.
- Optimism's OP fell 10% to lead the CoinDesk 100 lower after Pudgy Penguins' Abstract became the second Ethereum layer-2 network to shut down in a week.
Bitcoin BTC$83,791.57 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$2,581.99 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. The funds took in $119 million on Tuesday, according to SoSoValue, their fourth day of inflows in the last five sessions.