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The broader crypto market is facing strong selling pressure with liquidations topping $930 million in the last 24 hours. This comes as peace talks in the US-Iran war seem to have taken a backseat, with oil price shooting 5%. Amid the broader crypto crash, BTC price is down 3.5% to $73,000, while top altcoins like ETH, BNB, XRP, SOL, and DOGE are correcting 4% each.
Crypto Market Crash Amid Rising US-Iran War Tensions
The broader crypto market has faced a strong sell-off amid US military attacks on Iran, with the Strait of Hormuz remaining a point of contention. The markets are reacting as the expectations that peace talks will fall flat.
On Wednesday, May 27, the US Armed Forces reportedly carried out fresh strikes against Iran after Iranian forces launched drones targeting ships in the Strait of Hormuz. The reports show that U.S. forces intercepted Iranian drones and struck a drone control station. U.S. officials described the operation as defensive in nature and aimed at protecting commercial shipping routes and regional security.
On the other hand, the Islamic Revolutionary Guard Corps (IRGC) stated that it retaliated against the U.S. strikes by targeting a U.S. airbase in Kuwait. In its statement, the IRGC warned that “aggression will not go unanswered.”
The development was enough to send crude oil prices soaring 5%. Moreover, it also triggered a broader crypto market crash with BTC, ETH, SOL, DOGE, and other top cryptocurrencies falling 3-8%.
According to data from CoinGlass, a total of 166,115 traders were liquidated across the crypto market over the past 24 hours, with total liquidations reaching approximately $929.88 million.
Crypto Market Crash: BTC Price Sees Further Downfall to $60,000
With the BTC price correction to $73,000, the broader crypto market has crashed, taking more altcoins down. After the rejection at $82,000 in mid-May, BTC price has corrected more than 10% since then.
Some market experts believe that there’s more pain before Bitcoin begins its bull run. Doctor Profit highlighted his previous Bitcoin market calls, noting that he had predicted a move toward $60,000. He said that the recent BTC price bounce remains largely temporary.
Another analyst, Crypto Patel, outlined three long-term accumulation zones for Bitcoin as the market trades near the $74,000 level amid broader investor fear. According to the analyst, the first accumulation zone near $60,000 has already been filled
He believes that the next levels to buy would be $45,000 and $35,000, which he calls it a dream entry zone.
However, analyst Crypto Patel remains bullish in the long term, while setting BTC price targets of $200,000, $300,000, and $500,000.
Bitcoin and Ether ETFs Bleed
Amid this recent BTC price pullback, institutional flow into Bitcoin and Ether ETFs have also turned negative.
According to data from SoSoValue, U.S. spot Bitcoin ETFs recorded total net outflows of approximately $733 million on May 27. Among Bitcoin ETF products, Morgan Stanley’s MSBT recorded the largest single-day net inflow at approximately $4.29 million.
Meanwhile, spot Ethereum ETFs saw total net outflows of around $67.15 million during the same period. BlackRock’s ETHA registered the largest single-day net outflow among Ethereum ETF products, with approximately $65.10 million exiting the fund.
