In brief
- Bitcoin broke below $110,000 Thursday morning, dragging top altcoins down in a broad sell-off.
- The drop triggered $524 million in liquidations as the total market cap fell 3.1% to $3.85 trillion.
- Options data shows heavy bearish betting, with traders pricing in more downside risk.
The cryptocurrency market extended its losses on Thursday with Bitcoin briefly breaking below $110,000, prompting altcoins to follow suit.
Bitcoin has since recovered to $110,418, down 1.3% on the day according to CoinGecko data. The majority of the top ten cryptocurrencies by market cap, excluding stablecoins, have remained in the red, with losses ranging from 0.9% to 5.3%.
Ethereum fell 1.8% to around $4,000, while XRP dropped 4% and is currently…
