Analytical platform CryptoDiffer reported that $1.16 billion worth of liquidations occurred on centralized exchanges (CEXs) over the past 24 hours. Geopolitical tensions, particularly Israel’s military strike on Iran, are widely seen as the main driver behind this sharp surge. The attack caused a stir in the world markets, leading to a sharp drop in Bitcoin’s value and widespread liquidations across major cryptocurrency exchanges. Binance and Bybit Drive 71% of Crypto Liquidations Binance made the largest contribution to the liquidations. Liquidations on the exchange totaled $458 million and constituted 39.48% of the total. Bybit followed close behind, having $376 million, or 32.41% of the total. Together, they accounted for over 71% of all liquidations, demonstrating their massive influence on the cryptocurrency market. Source: X Other exchanges also saw substantial liquidations. OKX reported $129 million in liquidations, accounting for 11.12% of the total. Gate.io experienced a liquidation of $128 million, making up 11.03%. HTX saw $51.9 million in liquidations (4.47%), while CoinEx recorded $12.4 million, or 1.07% of the overall total. Bitcoin Dominates With $448M in Liquidations Amid Market Turmoil The heavily impacted cryptocurrency was Bitcoin (BTC). In total, $448 million worth of BTC positions were liquidated. In second place was Ethereum (ETH) with $304 million in liquidations. Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) were among the other major cryptocurrencies, with $52.6 million, $ 26.1 million, and $ 23 million worth of liquidations, respectively. As of press time, Bitcoin is trading at $104,756, showing a 2.85 percent decrease in the last 24 hours. In the meantime, Ethereum has experienced an even more significant decline of 8.69%, and now costs $2,514. The two largest cryptocurrencies are witnessing substantial decreases in the market. This surge of liquidations underscores the primary risk of leveraged trading in cryptocurrencies. With leveraged capital, even minor price changes can result in significant losses. Given the crypto market’s reputation for volatility, these events serve as a valuable lesson for traders. With Middle East tensions still unresolved, analysts warn that further volatility and liquidations could lie ahead. In these unpredictable times, traders are reminded to tread cautiously as they move in the market. Related: Crypto vs Conflict: Bitcoin Price Dips as US–Iran Rumors Escalate Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.