BTC Price Breaches $98K as Liquidations Top $1.1B
The crypto market is facing one of its sternest tests yet, with the bitcoin price breaking below the crucial $98,000 level of support following a wave of sell pressure in a low-liquidity environment.
The sell-off prompted more than $1.1 billion in liquidations, about half of which occurred on bitcoin trading pairs, according to CoinGlass.
The altcoin sector performed worse, with ether dropping by 9% in 24 hours while a number of altcoins were dealt double-digit moves to the downside. The CoinDesk 20 Index slid 8% with even the best performing, , losing 3%.
Crypto’s plunge coincided with a sell-off in equities. Nasdaq futures (NQ) lost 2.95% of their value over the past 24 hours.
