Key Points
- Bitcoin reached an all-time high of $69,000, leading to traders liquidating over $142 million on Binance.
- The overall crypto market also saw a significant liquidation, with Ethereum and various memecoins experiencing drops.
Bitcoin, the leading cryptocurrency, hit a record high of $69,000 today, prompting traders to cash in on their profits. In a single hour, over $142 million was withdrawn from Binance. This milestone was the highest Bitcoin has reached since November 2021, just before the upcoming halving of the coin.
Spot market data showed that traders were quick to secure their profits. The rapid liquidation suggests that short-term traders were anticipating a market correction, given the consistent market rally over the past two weeks. Following this large-scale withdrawal, Bitcoin’s value fell by nearly 5% in an hour and is now trading below $65,000.
Other Cryptocurrencies Affected
This trend of liquidation wasn’t confined to Bitcoin. The overall cryptocurrency market experienced liquidations amounting to over $720 million since Bitcoin hit its peak. Ethereum, another major cryptocurrency, fell to $3,600 after previously reaching over $3,800.
Memecoins, such as BONK, Dogwifhat (WIF), and FLOKI, were hit hard by this liquidation wave. These leading tokens have seen their value decrease by over 15% since yesterday. Despite this, these memecoins have experienced significant rallies over the past months, with their value increasing by over 100% in a week.
