Crypto Market Selloff: $450M Liquidations In Bitcoin, ETH, XRP As Trump Says Iran MoU Is 'Over'
The cryptocurrency market experienced a sharp selloff on Wednesday after geopolitical tensions escalated. U.S. President Donald Trump stated that the memorandum of understanding with Iran is now ‘over,’ leading Bitcoin to fall below $62,000 and triggering nearly $450 million in leveraged liquidations.
Data from CoinGlass shows that over the last 24 hours, 145,221 traders were liquidated, totaling $449.63 million in liquidations. Long positions accounted for $343.43 million of losses, while short positions accounted for $106.20 million. Binance recorded the largest single liquidation, a $7.24 million ETHUSDT position.
Bitcoin saw $99.90 million in liquidations, Ethereum $90.67 million, other cryptocurrencies collectively $60.83 million, Solana $24.19 million, and XRP over $9 million.
The market plunge followed Trump’s comments at the NATO summit, where he said, ‘To me, I think it’s over. I don’t want to deal with them anymore,’ adding that further negotiations would be ‘just a waste of time.’ He reiterated that Iran would never get a nuclear weapon but said negotiators ‘have to come back’ to him.
Trump’s remarks came amid fresh escalation in the Middle East, including Iran’s Islamic Revolutionary Guard Corps responding to U.S. strikes, increased sanctions on Iran’s oil exports, and attacks on ships in the Strait of Hormuz. Geopolitical risks drove oil prices higher and weighed on risk assets like crypto. Bitcoin fell below $62,000 amid the ongoing conflict.
Additionally, Israel’s Ynet reported that U.S. Defense Secretary Pete Hegseth canceled his trip to Israel as tensions in the region rose, further dampening sentiment in the crypto market.