The crypto market sharply declined after the US-Iran negotiations failed to reach a ceasefire agreement, with a total of $123 million liquidated across the entire network in the past 4 hours.

Deep Tide TechFlow News, April 12, according to Cryptonews reports, U.S. Vice President J.D. Vance stated that the United States and Iran negotiation representatives failed to reach an agreement on extending the ceasefire after a full day of talks held in Pakistan, which may have caused a short-term decline in the crypto market. Bitcoin briefly dropped to about $71,600, Ethereum retreated to around $2,200, XRP fell to $1.33, with major assets declining by nearly 2%. J.D. Vance said after the meeting that the U.S. side had clearly stated its bottom line, including demanding that Iran not seek nuclear weapons and related capabilities, but the differences remain unresolved. Market analysis suggests that the breakdown of negotiations has intensified risk aversion, which is the main reason for the weekend correction in crypto assets.

Coinglass data shows that in the past 4 hours, the entire network experienced liquidations of $123 million, including $116 million in long positions and $6.89 million in short positions. Additionally, Bitcoin liquidations reached $50.43 million, and Ethereum liquidations totaled $36.76 million.