Crypto Markets Today: BTC Price Breaches $98K as Liquidations Top $1.1B

Bitcoin's price has recently breached the crucial support level of $98,000, triggering a market response characterized by significant liquidations exceeding $1.1 billion. Roughly half of these liquidations stemmed from bitcoin positions, with other altcoins also experiencing sharp declines, notably Ethereum which dropped over 9% in the last 24 hours. This downturn is accentuated by a low-liquidity environment that has led to increased selling pressure across the crypto space, with the CoinDesk 20 Index falling by 8%. Meanwhile, despite the overall market plunge, privacy coins Zcash and Monero have shown surprising resilience, with ZEC soaring over 1,000% since August. The volatility in the market has caused a notable decline in open interest for many altcoins, reflecting capital outflows and a shift in investor sentiment. As traders grapple with this sell-off, the stability of bitcoin is viewed as crucial for the altcoin market's recovery. The market remains on high alert for potential further declines or a reversal in momentum.

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