$292M liquidated in crypto market amid US-Iran tensions

The cryptocurrency market saw over $292 million liquidated in a single day. Bitcoin reaching $80,000 in April now sits at 17.5% YES, down from 26% yesterday.

The $80,000 target has been hit hard by the liquidation wave. Odds for Bitcoin reaching that mark have dropped from 42% a week ago to their current level. The $150,000 market is effectively dead at 0.1% YES.

The liquidation event has pushed bearish sentiment further for Bitcoin’s April price. Geopolitical tensions around the US-Iran situation and the Strait of Hormuz blockade are feeding risk-off behavior. New bets are appearing on a potential drop to $60,000.

Liquidity is concentrated in the $80,000 market, which trades $125,323 daily in real USDC. But just $8,440 can move the price by 5 points, a sign of thin depth. The largest move on the day was 37 points at 12:23 PM.

For traders, this liquidation means more volatility ahead. The $60,000 dip market looks increasingly plausible. A YES share for Bitcoin hitting $80,000 in April costs 17.5¢, which pays 5.7x if it hits. With geopolitical tensions unresolved, risk stays high.

Watch for updates on the Strait of Hormuz blockade and US-Iran tensions. Any shifts in military posture or diplomatic gestures could move crypto markets fast.

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