Global Market Turmoil: Cryptocurrencies Plunge, Gold Dives Below $4500, Oil Surges Past $110

Deep News09:50

On May 18, the cryptocurrency market experienced a sudden, widespread decline. At the time of reporting, Bitcoin had fallen nearly 1.5%, breaking through both the $78,000 and $77,000 support levels. Ethereum dropped 3.36%, XRP fell 1.62%, and Dogecoin declined by 2.57%.

According to data from CoinGlass, over the past 24 hours, a total of 108,493 traders globally were liquidated, with total liquidation amounts reaching $657 million.

Simultaneously, futures for the three major U.S. stock indices all showed collective declines.

In addition, the international gold price took a sharp dive, falling over 1% at the time of reporting and breaking below the $4,500 per ounce level.

International oil prices rose, with Brent crude futures surpassing $110 per barrel.

On the news front, following a phone call with Israeli Prime Minister Benjamin Netanyahu on May 17, former U.S. President Donald Trump posted on social media: "For Iran, time is running out. They'd better act fast, or they will have nothing left. No delay!" According to U.S. and Israeli media reports, Trump and Netanyahu discussed the possibility of resuming military action against Iran during their call. However, as reported by Israel's Channel 12, Trump stated in an interview that he still believes Iran intends to reach an agreement and expects Iran to submit an updated proposal in the coming days. Furthermore, U.S. media reported that Trump is expected to meet with his national security team in the White House Situation Room on May 19 to discuss plans for resuming military action against Iran.

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