Bitcoin traders sell off $142m in just one hour following the surge to $69k.
In a swift response to Bitcoin’s record-breaking surge today, traders wasted no time in cashing out their profits, withdrawing a staggering $142 million within just one hour.
After a remarkable 50% rally throughout February, the leading cryptocurrency, Bitcoin, reached an unprecedented all-time high of $69,000 today. This significant milestone comes just a month before the impending halving of the coin, scheduled for November 2021.
Spot market data reveals that traders were quick to seize the opportunity to cash in on their gains, with over $142 million exchanged for USDT on the Binance platform alone. This indicates that short-term traders were apprehensive about a potential correction, considering the consistent market rally over the past two weeks. As a result of this massive liquidation, BTC experienced a nearly 5% drop within an hour, currently trading below $65,000.
The liquidation frenzy was not limited to Bitcoin, as the entire crypto market witnessed over $720 million being liquidated since BTC reached its peak. Ethereum, the second-largest cryptocurrency, also suffered a decline, dropping to $3,600 from its earlier high of over $3,800.
The impact of this liquidation was particularly harsh on memecoins, with notable tokens like BONK, Dogwifhat (WIF), and FLOKI experiencing a decline of over 15% since yesterday. These three meme tokens had enjoyed massive rallies in recent months, surging by over 100% in just one week.
For more information, stay tuned to Google News and follow our updates.
