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Traders liquidated their profits as soon as Bitcoin reached its all-time high today, withdrawing over $142 million in an hour.&nbsp;
The leading cryptocurrency reached its <a href="https://crypto.news/bitcoin-69000-all-time-high-2024/" rel="noopener noreferrer nofollow">all-time high</a> of $69,000 today after rallying over 50% throughout February. Today marked <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> highest price since November 2021, just a month away from the impending coin’s halving. According to spot market data, traders did not wait to cash in on profits, as more than $142 million was swapped for USDT on <a href="https://www.binance.com/en-GB/trade/BTC_USDT?type=spot" target="_blank" rel="noopener noreferrer nofollow">Binance</a> alone. This indicates that short-term traders feared a correction, as the market rallied consistently for the last two weeks. Following this liquidation, BTC dropped nearly 5% in an hour and currently trades below $65,000.&nbsp;
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<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="443" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-05-184226-1024x443.png" alt="Bitcoin price chart" class="wp-image-14255806" style="width: 100%;height:auto">
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 Bitcoin 24-hour price chart | <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a>
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</figure>
The liquidation wasn’t exclusive to Bitcoin, as the overall crypto market saw more than $720 million liquidated since BTC hit its peak. <a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> also dropped to $3,600 after reaching over $3,800 earlier today.&nbsp;
Memecoins suffered the sharp end of this liquidation, as leading tokens like <a href="https://crypto.news/price/bonk/" rel="noopener noreferrer nofollow">BONK</a>, Dogwifhat (WIF), and <a href="https://crypto.news/price/floki/" rel="noopener noreferrer nofollow">FLOKI</a> have been down by over 15% since yesterday. The three meme tokens have seen massive rallies over the past months, surging over 100% in a week.&nbsp;
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Bitcoin traders liquidate $142m an hour after hitting $69k

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