According to CoinGlass, digital asset long positions worth $267.96 million (approximately 390.68 billion Korean won) were liquidated in the past 24 hours as of 8:35 a.m. Korean time on May 8. This marks the largest liquidation event in nine days, following the last comparable spike on April 29. The liquidations coincided with renewed military tensions near the Strait of Hormuz, where U.S. and Iranian forces exchanged fire on May 7 (local time), according to CNN. The U.S. Central Command confirmed conducting defensive airstrikes in response to Iranian missile and drone attacks on American naval vessels transiting the strait. Bitcoin fell 1.74% to $80,000 over the same period, while Ethereum, XRP, and Solana declined 2.54%, 2.65%, and 0.83% respectively.
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