Crypto Markets Today: BTC Price Breaches $98K as Liquidations Top $1.1B
A sharp liquidity crunch caused Bitcoin to drop below $98K, triggering over $1.1 billion in crypto derivatives liquidations.Summary
The crypto market experienced a severe sell-off, driven by low liquidity, causing Bitcoin's price to break below the critical $98,000 support level. This downturn resulted in over $1.1 billion in derivatives liquidations, with about half stemming from Bitcoin positions. Altcoins suffered more severely; Ether (ETH) plunged over 9% in 24 hours, and tokens like AAVE, JUP, and SUI saw double-digit losses, with many hitting multi-month lows. The broader market slump coincided with a sell-off in equities, as Nasdaq futures also declined. While overall open interest in futures declined, suggesting capital outflows, volatility indexes showed a measured response without panic buying of options. A notable divergence was seen in privacy coins, with Zcash (ZEC) rallying significantly, up over 1,000% since August, as investor focus shifts toward libertarian narratives. The market's next test hinges on Bitcoin's ability to reclaim the $98,000 level; failure to do so could confirm a downtrend following October's high of $126,000.
(Source：CoinDesk)