Bitcoin’s rally experiences a minor retrace

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Updated on Feb 29, 2024

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Earlier in the day, BTC had soared past the $60,000 mark for the first time since November 2021.
Bitcoin hit a high of $64,037 before suddenly dropping to $59,400 on Wednesday.
The sudden price decline triggered over $600 million in liquidations across all digital assets.

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Bitcoin’s (BTC) rapid surge came to an abrupt halt on Wednesday afternoon, resulting in a 7% drop from its $64,000 peak.

Earlier in the day, BTC had soared past the $60,000 mark for the first time since November 2021, reaching a high of $64,037 before suddenly dropping to $59,400, according to the CoinDesk Bitcoin Index (XBX).

Although its price momentarily recovered over $61,000, a subsequent sell-off pushed it back down to a similar level. At the time of reporting, BTC was trading at $60,993.

Widespread impact across the crypto market

This sell-off had a significant effect on the broader digital assets market, with the CoinDesk20 Index (CD20) falling nearly 5% after reaching a new all-time high of 2,260 earlier on Wednesday.

Leading cryptocurrencies within the CD20, including ether (ETH), Solana’s SOL, XRP, Cardano’s ADA, dogecoin (DOGE), and Avalanche’s AVAX, experienced drops ranging from 4% to 9% within an hour.

Over $600 million in liquidations

The sudden price decline triggered over $600 million in liquidations across all digital assets, erasing leveraged trading positions, as reported by CoinGlass data.