Crypto Markets Update: Bitcoin Surges Past $98K Amid $1.1B in Liquidations

The crypto market is undergoing one of its toughest shakeouts yet, with bitcoin BTC
$96,098.66 slipping below the key $98,000 support level amid intensified selling in a thin-liquidity environment.

The sharp downturn triggered over $1.1 billion in liquidations, nearly half stemming from bitcoin trading positions, according to data from CoinGlass.

Altcoins faced even steeper losses. Ether ETH
$3,216.11 tumbled 9% over the past 24 hours, while numerous other tokens suffered double-digit declines. The CoinDesk 20 Index fell 8%, and even the day’s most resilient asset, LTC
$101.71, ended 3% lower.

The crypto correction aligned with broader market weakness, as equity markets also declined. Nasdaq futures (NQ) dropped 2.95% over the same period.

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