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

The crypto market is facing significant challenges as Bitcoin's price dipped below $98,000, leading to over $1.1 billion in liquidations. Approximately half of these liquidations were attributed to Bitcoin, with Ethereum (ETH) experiencing a notable drop of more than 9%. This sell-off coincided with a downturn in equity markets, particularly affecting Nasdaq futures, which fell by 2.95%. Various altcoins also saw similar declines, with many trading at multi-month lows. Despite the market's overall downturn, privacy coins like Zcash (ZEC) and Monero (XMR) showed strength, with ZEC up over 1,000% since August. The 30-day implied volatility index for Bitcoin has returned to 47.8%, indicating a more tempered market reaction despite the recent sell-off. Traders are keenly observing whether Bitcoin can regain its footing above the $98,000 support level, as failure to do so may suggest a downtrend and potential bear market. Investors are now closely monitoring liquidity conditions and derivatives positions across various cryptocurrencies.

Source 🔗