#加密市场行情震荡 On April 25, 2026, the cryptocurrency market experienced a sudden and intense shock, with major coins collectively plunging. As of the time of writing, the total liquidation amount across the network has reached $188 million, affecting nearly 100k investors, with long positions suffering the heaviest losses.

Market Data Overview

Bitcoin (BTC): Fell below the key psychological threshold of $78k, currently around $77.6k, with a 24-hour decline of nearly 1%.

Ethereum (ETH): Lost the support at $2,350, now trading around $2,315, with a decline of about 0.6%.

Altcoins follow the decline: Mainstream altcoins like BNB, XRP, TRX, etc., generally dropped by 1%-2%, and market panic is spreading.

Three Major Drivers Behind the Volatility

Geopolitical “Black Swan”: The sudden change in US-Iran relations is the core trigger. Iran’s stance in negotiations has become more hardline, coupled with the US military’s increased threat of maritime blockade, leading to a sharp decline in global risk asset appetite, with funds rapidly fleeing the crypto market for safety.

High Leverage “Mass Liquidation”: Previously, the market had been consolidating around $78k for a long time, accumulating a large number of high-leverage long positions. Triggered by geopolitical risks, a chain reaction of liquidations occurred, forming a negative feedback loop of “decline → liquidation → sell-off.”

Macroeconomic Expectations Suppression: Japan’s inflation data exceeding expectations has sparked concerns over tightening global liquidity, further weakening the appeal of cryptocurrencies as risk assets.

Short-term Outlook

The current market is in a “news-driven” sensitive period. If the Middle East situation does not quickly ease, Bitcoin may continue to test the support at $75k. Investors are advised to closely monitor US-Iran diplomatic developments and strictly control leverage ratios to prevent secondary shocks from extreme market conditions.