Why are crypto and TradFi markets bleeding? Bibi Netanyahu and Nasdaq at play

Crypto and traditional finance (TradFi) markets have lost over $1 trillion in the last 12 hours. This follows a Nasdaq problem and an address by Netanyahu in the United States Congress that has caused global investors to lose trust in American markets.

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In the last 24 hours, 72,712 dealers have been liquidated for $285.35 million. According to on-chain data from Coinglass, the biggest single liquidation order was on Binance—BTCUSDT, worth $11.78 million. In the last 12 hours alone, crypto markets have lost $249.97 million in liquidations.

On the other hand, Bitcoin is sinking. According to CoinGecko data, Bitcoin (BTC) is currently worth $64,148.68, down 0.1% from an hour ago and 2.9% in the last 24 hours. BTC has lost 0.8% of the gains it made in the last 7 days

Ethereum (ETH), the second largest crypto, is currently at $3,165.67, down 0.1% from an hour ago and 8.3% in the last 24 hours. ETH has lost 7.5% of the gains it made in the last 7 days.

The global crypto market cap is $2.42 trillion today, down 3.99% in the last 24 hours. BTC’s market cap currently stands at $1.26 trillion, reflecting a 52.3% market dominance. Meanwhile, stablecoins’ market cap stands at $165 billion, accounting for 6.81% of the total crypto market cap.

Crypto and TradFi markets tank on geopolitical events

Crypto markets aren’t the only ones bleeding. The Nasdaq witnessed its worst day since 2022 on Wednesday, and the rest of the market fared a little better. The big 7 stocks, as tracked by the Roundhill Magnificent Seven exchange-traded fund, have fallen into correction territory.

The losses were attributed, in part, to Alphabet and Tesla’s earnings yesterday, which fell short of Wall Street’s high expectations. According to reports, the US Central Bank has officially recorded losses of more than $1 trillion, which might significantly impact the dollar.

In addition, the Federal Reserve had almost $984 billion in unrealized losses at the end of 2023. 

That was not all. Benjamin “Bibi” Netanyahu, the current Israeli prime minister, took to a public address in the US Congress. This appearance and the loud claps and cheers from Congress have led global citizens to lose trust in American markets and the USD. 

Elon Musk was in attendance, while former House Speaker Nancy Pelosi skipped Netanyahu’s speech in Congress. She took to X (formerly Twitter) to state, “Benjamin Netanyahu’s presentation in the House Chamber today was by far the worst presentation of any foreign dignitary invited and honored with the privilege of addressing the Congress of the United States.”

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Also, US Senator Bernie Sanders said that Netanyahu “is not only a war criminal. He is a liar.” One user on X adds, @TorahJudaism “It’s a shameful day for America. American President Netanyahu addressed the senators he bought at the congress today. In every speech, senators bought by the Israeli lobby stood up and applauded Netanyahu.”

According to Reuters, Benjamin Netanyahu sketched an unclear idea of a plan for a “deradicalized” post-war Gaza in a speech to Congress on Wednesday, as well as a potential future partnership between Israel and America’s Arab allies.

While dozens of Democrats boycotted his remarks and thousands of pro-Palestinian protestors gathered outside, Netanyahu downplayed criticism of Israel’s campaign, which has destroyed the Palestinian enclave and killed more than 39,000 people, according to Gaza health officials.

Anti-Israel protestors support Hamas and “should be ashamed of themselves,” Netanyahu added, claiming without evidence that they are funded by Israel’s adversary Iran. “For all we know, Iran is funding the anti-Israel protests that are going on right now outside this building,” he told reporters. He further stated that the Iranian regime intended to kill Trump.

Cryptopolitan Reporting by Florence Muchai