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Middle East tensions and profit-taking hit bitcoin and altcoins Monday

Bitcoin slipped about 1% to around $62,990, while South Korea's Kospi tumbled 9.2% and $253 million in leveraged crypto positions were liquidated over 24 hours.

Reported · Written up by our desk · Market Structure

CoinDesk reports that a Monday selloff pulled crypto back after a bullish weekend, as reignited Iran U.S. tensions over the Strait of Hormuz weighed on broader risk assets.

Bitcoin fell about 1% to roughly $62,990, down from above $64,300 at the weekly close, while Lighter (LIT) dropped 8% in its first major pullback since rallying more than 200% over two months.

The risk-off tone spread beyond crypto. CoinDesk notes South Korea's Kospi fell 9.2%, with SK Hynix down 15%, and both Japan's Nikkei and China's SSE down more than 2%.

Derivatives metrics also pointed to forced selling, with $253 million in 24-hour liquidations skewed toward longs, as liquidations intensified during Asian and European trading hours.

Latest closeBitcoin $63,238.40 ▲0.8%|Nikkei 225 61,867.43 ▲0.7%|Kospi 5,593.56 ▼1.2%

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