Last Updated on 5 mins by Dylan Hood

The cryptocurrency market experienced a turbulent day as geopolitical turmoil in the Middle East sent shockwaves through digital asset prices. On Monday, Ether (ETH) saw a significant drop of nearly 4%, while various altcoins faced even greater declines before making a partial recovery.

CoinGlass data reveals that crypto traders suffered liquidation losses exceeding $100 million during the market rout on Monday. This marked the largest amount of long liquidations in a single day since September 11. Long positions, where traders speculate on price increases, totaling approximately $105 million were wiped out during the U.S. afternoon.

These liquidations transpired as the ongoing conflict between Israel and Hamas, along with heightened tensions in the region, rattled investors and negatively impacted risk assets. Bitcoin (BTC), the largest digital asset, initially dropped over 2% before recovering to around $27,600. At one point, Ether (ETH) experienced a nearly 5% decline, while other major cryptocurrencies like Solana (SOL), Polygon’s native token (MATIC), and Polkadot (DOT) endured losses of 6% to 7% before making a partial rebound.

Liquidations occur when exchanges are forced to close leveraged trading positions due to traders either failing to meet margin requirements or not having sufficient funds to maintain their positions.

ETH derivatives traders bore the brunt of these losses, with approximately $32.78 million in long positions liquidated over the past 24 hours, according to CoinGlass data. The largest individual liquidation involved a $4.5 million ETH-BUSD long position on the Binance crypto exchange.

Bitcoin (BTC) also suffered liquidations totaling $18.25 million in long positions, followed by Bitcoin Cash (BCH) and Bancor’s (BNT) token, each witnessing liquidations exceeding $3 million.