Bitcoin Slips Below $63K as Middle East Strikes Trigger $580M Liquidation Spree 🚨

Bitcoin dropped to $62,601.58 on Thursday, a 4.87% intraday decline that briefly pushed the price into the $62,000 range, as renewed Israeli military action against targets in southern Lebanon rattled global financial markets and spilled into digital assets. The escalation came hours after the United States and Iran reached a Memorandum of Understanding aimed at limiting fighting in the region.

The downturn triggered a wave of forced selling across crypto derivatives. According to CoinGlass data, total liquidations reached $579.43 million over 24 hours, with long positions accounting for $496.62 million and short positions making up $82.81 million. More than 139,000 traders were liquidated during the period.

Bitcoin led the wipeout with approximately $191.49 million in liquidated positions. Ethereum followed at $135.46 million, while HYPE saw $17.79 million in liquidations. XRP, SOL, and ADA also registered notable losses across the same window. The concentration of long-side liquidations indicated that leveraged bullish bets bore the brunt of the move.