Two US service members were killed in Iran-linked strikes on Al-Azraq Air Base in Jordan, sending crypto markets into a tailspin with over $1 billion in liquidations as Bitcoin traded near $63,000.
Attack on Al-Azraq Air Base
The strikes, attributed to Iran-backed forces, hit the base in eastern Jordan. The Pentagon confirmed the deaths of two American soldiers, marking a significant escalation in regional tensions. It's the first attack to kill US troops in Jordan since the Israel-Hamas war began.
Crypto markets hit hard
The geopolitical shock triggered a broad sell-off in digital assets. Over $1 billion in leveraged positions were wiped out across major exchanges, according to data from Coinglass. The liquidation event is one of the largest single-day flushouts this year. Long positions took the brunt of the damage as traders rushed to exit risk.
Bitcoin holds near $63,000
Bitcoin, the largest cryptocurrency by market cap, was trading around $63,000 at the time of reporting, down from recent highs but still above key support levels. The price action suggests the market is pricing in a risk-off mood, though some traders see the dip as a buying opportunity.
The attack comes at a delicate time for crypto markets, which have been recovering from a prolonged bear cycle. The $1 billion liquidation event is one of the largest single-day flushouts this year. Whether the sell-off continues will depend on how the US retaliates and whether the conflict widens. Traders are now watching for any further escalation in the region that could impact risk assets.
