The crypto market saw a steep wave of liquidations following uncertainty regarding the implementation of the recently announced US-Iran deal. It resulting in over $192 million in leveraged positions being washed away across Bitcoin, Ethereum, and XRP.
Crypto Liquidations Surge As US-Iran Deal Stalls
According to CoinGlass data, more than $101 million of the losses were from long trades as the crypto market continued its bearish trend owing to geopolitical tensions. Ethereum saw the most liquidations valued above $43 million, followed by Bitcoin at almost $41 million. XRP long traders lost even more than $3 million.
For context, the planned follow-up talks between Washington and Tehran were postponed. This caused crypto market volatility to increase. US-Iran officials were slated to meet in Switzerland on Friday for the next steps of the accord, but US Vice President JD Vance canceled his trip there.
The White House explained the reasoning behind the decision, saying the negotiations’ logistics were not “simple or predictable.” In a later statement, Swiss authorities confirmed that the talks have been postponed but that preparations are continuing for future talks.
The delay occurred days after the US-Iran talks led to signing of Memorandum of Understanding to suspend hostilities and resume diplomatic relations between the two countries. The US-Iran deal involved pledges for regional stability, sanctions relief, rebuilding and future talks on Iran’s nuclear program.
The Israel-Lebanon Conflict In Focus
Although the diplomatic breakthrough took place, the situation in the Middle East was tense. Strikes between Israel and Hezbollah did not stop after the agreement was announced and both sides launched attacks before a ceasefire was finally confirmed.
Later, Israeli military spokesman Brig Gen Effie Defrin said, “We are in a ceasefire. The IDF is prepared to continue fighting if called upon to do so.”
There were also differences in comments from Iran’s and the U.S. leaders. In an interview with Ammar Quadri, Iran’s Supreme Leader, Mojtaba Khamenei, approved the deal while stating that he had a “different view” on the issue. On the other hand, U.S. President Donald Trump rebuked allegations that Washington had tried to come to the table from a weak position.
The geopolitical uncertainty around the US-Iran agreement rattled the crypto market, sending Bitcoin to $62,000 level. But it has since levelled off at that rate and has not dipped further.