Bitcoin’s price crashed by over 5% below $60,000 on Wednesday amid a market selloff impacting the broader crypto and stock markets.

Bitcoin (BTC) began the day trading for roughly $63,700 per coin. Its price began sinking drastically starting at 1:40 PM UTC, and has plummeted to $59,950 as of 4:45 PM UTC. It trades for $60,475 at press time. Meanwhile, the price of Ethereum (ETH) has slid back under $3000 to just $2950 at writing time. The SP500 and Nasdaq 100 have declined 0.68% and 1.27%, respectively. According to Coinglass, the selloff has triggered $216 million in liquidations across the crypto market in the past 24 hours. That includes over 67,000 affected traders, including one trader who lost $5.4 million on an ETH-USD swap. Many suspect the market selloff has been triggered by escalating geopolitical tensions between Iran and Israel after the former launched a barrage of drones and missiles against the latter over the weekend. In a Monday note, a CryptoQuant analyst predicted that Bitcoin could see more downside pressure given that funding rates remain elevated compared to historical averages.

Bitcoin / USD. Source: TradingView