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U.S.-Iran Tensions Trigger $292 Million Crypto Liquidations, Fueling Bearish Sentiment

Geopolitical tensions between the United States and Iran, specifically concerns over a potential blockade of the Strait of Hormuz, have triggered over $292 million in net crypto liquidations in a single day, according to CoinDesk. This significant market event has reinforced bearish sentiment, notably impacting Bitcoin's price outlook for April. The market-implied probability of Bitcoin reaching $80,000 in April has sharply declined, while new positioning suggests an increasing likelihood of a move down to $60,000. The liquidation wave signals heightened volatility, with liquidity concentrated around the $80,000 strike market and thin depth observed in daily USDC trading volumes.
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