As Bitcoin soared to its all-time high of $69,000 today, traders swiftly seized the opportunity to cash out their profits, resulting in over $142 million being liquidated within just one hour.
The remarkable surge in Bitcoin’s price, which witnessed a staggering 50% increase throughout February, culminated in today’s historic peak, marking the highest value since November 2021 and occurring just a month before the anticipated coin halving event.
Spot market data reveals that traders wasted no time in capitalizing on their gains, swiftly converting their Bitcoin holdings into USDT, particularly on Binance, where the liquidation amounted to over $142 million. This rapid offloading suggests that short-term traders were apprehensive about a potential market correction, given the sustained rally observed over the past two weeks. Subsequently, Bitcoin experienced a sharp decline of nearly 5% within the hour, currently trading below $65,000.
However, the liquidation frenzy extended beyond Bitcoin, impacting the broader cryptocurrency market, with a total of more than $720 million liquidated since Bitcoin reached its pinnacle. Ethereum also witnessed a drop from its earlier peak of over $3,800 to $3,600.
Notably, meme coins bore the brunt of the liquidation, with prominent tokens like BONK, Dogwifhat (WIF), and FLOKI experiencing declines of over 15% since yesterday. These meme tokens had previously seen remarkable rallies, surging by over 100% in just a week, but faced significant sell-offs amidst the broader market correction.
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