The crypto market is in turmoil as the war between Israel and Iran continues to subdue positive price movement. This has been seen over the last 24 hours as Bitcoin has dropped to $103,000 level yet again. However, altcoins including have taken a bigger blow among the top 10 cryptocurrencies by Market Cap. 

Amid this dip, market participants have experienced close to half a million dollars in liquidations. The plunge has made James Wynn, a well known trader on Hyperliquid to flip bearish. While eying that the crypto market is set to crash, Wynn is set to extend his short position on Bitcoin (BTC). 

Crypto Market Crashes Amid Middle-East Geopolitical Tensions

Over the last 7 days, the crypto market expressed strong recovery despite the geopolitical tensions in the Middle East region. Bitcoin climbed to $108,000 just 4 days ago, while Ethereum reclaimed $2,600. But, over the last 24 hours, tensions that the United States might join the war between Israel and Iran have stirred yet another crash. 

As per data on CoinMarketCap, Bitcoin has dropped to $103,516 level. This level marks a 2.67% dip over the last hours. Subsequently, altcoins have also taken a huge blow with Ethereum, Solana and Dogecoin plunging 5.35%, 4.95%, 4.77%, respectively. 

At the moment, Ethereum is trading at $2,426 while Solana has dropped to $140.54. Dogecoin on the other hand, has dipped to $0.1629, a key support level for the dog-themed memecoin. 

Following this dip, liquidation data by Coinglass shows that 123,466 traders have been liquidated over the last 24 hours. The total liquidation in this period comes in at $457.10 million. Out of the total, Ethereum has recorded tops with $1.69.92 million wiped out of the market. Bitcoin follows in second with $112.72 million in liquidations. 

Solana recorded $32.08 million in liquidation while Dogecoin’s liquidations came in at $9.32 million. Other tokens besides the top #100 recorded 45.27 million in liquidations over the last 24 hours. The largest single liquidation order happened on Bybit whereby a trader lost $8.00 million in a BTC/USD trade. 

James Wynn Says Crypto ‘Market Will Nuke’ and Extends BTC Short Position

Amid the crypto market struggles, James Wynn has predicted that the market will dip further before rebounding. As per his post on X on June 21, Wynn cited the escalating tensions in the Middle-East, Fed’s decision to not cut interest  rates and other geopolitical tensions, as the main reasons as to why the ‘markets will nuke.’ 

There is also growing tension that if the U.S joins the Israel-Iran war, a World War 3 (WW3) could emerge. In such a case, the ‘Hyperliquid 40x trader’ believes that “Crypto will win [eventually], but, lower, before higher.”

I like Dr Becker, he good guy, he funny, he likes his red lights and gaming coins. I respect the guy. Me likes him.

That being said, it's no surprise trading and financial markets is not his forte. He's what I'd call rich retail.

Slightly ahead of the curve. However, Alex is… https://t.co/h7TlpdEjv0

— James Wynn (@JamesWynnReal) June 21, 2025

In line with his bearish prediction, Wynn emphasized that he will be extending his short position on Bitcoin. At the moment, he has a $72 million short position on BTC and claims to have more stablecoins to extend his BTC short position. 

“I’ll let u all know when im long. For now im sitting on boat loads of stables, and +$72m on my short,” he shared. 

James Wynn is known to be a daring trader often making high-leverage trades on Bitcoin. Amid the heightened selling pressure across the market, traders must refrain from following the ‘trend.’ Rather, it is crucial to do your own research (DYOR) before making any investment decision.