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Bitcoin tumbles below $98,000 in risk-off move as Nasdaq stocks are crushed

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The price of bitcoin fell 5% to $ 98,432.54 , according to Coin Metrics .

The broader market of cryptocurrencies, as measured by the CoinDesk 20 index, dropped nearly 10% .

Nasdaq futures were down about 4% in early trading.

Bitcoin has seen more than $250 million in long liquidations over the past 24 hours .