U.S.–Iran tensions spark $292 million in crypto liquidations

CoinDesk reports the crypto market recorded more than $292 million in net liquidations in a single day. Bitcoin touched $80,000 in April, but has since pulled back. The market-implied probability of Bitcoin reaching $80,000 in April is now 17.5%, down from 26% the prior day and 42% a week ago. The $150,000 scenario has effectively vanished, with odds at 0.1%. Liquidations have reinforced bearish sentiment around April pricing. Rising geopolitical risk tied to U.S.–Iran tensions and talk of a potential blockade of the Strait of Hormuz has pushed markets into a risk-off posture. New positioning is building around a move down to $60,000, with the likelihood of that outcome increasing. Liquidity is concentrated around the $80,000 strike market. Daily actual USDC trading volume is $125,323, yet a move of just $8,440 can shift the price by 5 points, pointing to thin depth. The biggest intraday swing was a 37-point move at 12:23 p.m. For traders, the liquidation wave signals higher volatility ahead. In the April $80,000 market, YES shares were priced at $0.175, implying a 5.7x payout if the level is reached. With geopolitical tensions unresolved, risks remain elevated. Markets are watching developments around the Strait of Hormuz and U.S.–Iran relations closely; shifts in military posture or diplomacy could quickly reverberate through crypto.