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Crude Oil Futures Plunge 9% Overnight; 120K+ Crypto Traders Face Liquidation

GateNews

Derivatives Data Commodities Price Volatility Geopolitics Macroeconomics

2026-05-26 23:52:23

BTC-1.06%

According to Guru Club, crude oil futures dropped over 9% in early trading on May 24 Beijing time, with both WTI and Brent contracts sliding sharply by around 5:20 AM. The sell-off triggered a wave of liquidations across cryptocurrency markets, with over 120,000 traders facing forced position closures. Bitcoin climbed 1% to $76,655 amid the turmoil. President Trump announced on May 23 (U.S. Eastern time) via social media that the U.S. and Iran had reached the "basic framework" of a deal, citing the potential opening of the Strait of Hormuz as part of the agreement's terms.

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Comment

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ABigHeart

· 3h ago

Crude oil futures fell more than 9%, with WTI and Brent contracts both dropping sharply around 5:20 AM. The sell-off triggered a wave of liquidations across the entire cryptocurrency market, with over 120,000 traders facing forced liquidations. Bitcoin rose 1% amid the turbulence to $76,655.

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