Ad

Bitcoin’s rally experiences a minor retrace

By:
on Feb 28, 2024
Updated: Feb 29, 2024
Listen
  • 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.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

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

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

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

Copy link to section

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

Copy link to section

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

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Bitcoin USA Crypto