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

The crypto market is experiencing significant turmoil as Bitcoin's price dropped below the crucial $98,000 support level, resulting in over $1.1 billion in liquidations across derivatives. Approximately half of these liquidations were from Bitcoin positions, with the altcoin sector particularly affected: Ether fell by over 9%, and several altcoins posted double-digit losses. The CoinDesk 20 Index recorded an 8% decline. This downturn coincided with a sell-off in equities, with Nasdaq futures also down nearly 3%. Meanwhile, Bitcoin's implied volatility decreased slightly following a spike earlier, indicating a more measured market response despite the sell-off. Open interest in futures tied to many tokens has declined, suggesting capital outflows. Amidst these losses, Zcash and Monero showed gains, with ZEC rising over 1,000% since August. The altcoin market's fate now hinges on Bitcoin's ability to regain the $98,000 support level to avoid confirming a downtrend and potential bear market reversal.

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