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After a sustained period of consecutive price gains and reaching new all-time highs (ATHs), Bitcoin (BTC) experienced a setback in its momentum, with its price dropped to as low as $67,000 on Friday, March 15, 2024. 
Bitcoin’s recent surge, which began on Tuesday, January 23, 2024, culminated in a new ATH of $73,927 on Thursday, March 14. This upward movement was mirrored across the altcoin market, with Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) all hitting multi-year highs of $4,092, $186.18, and $631.14, respectively, per <a href="https://coinmarketcap.com/currencies/bitcoin" target="_blank" rel="noopener">CoinMarketCap</a>. 
However, in the past two days, Bitcoin experienced a sharp decline, reaching a weekly low of $66,163 on Friday. This significant drop prompted many traders to close their positions. According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener">data</a> from Coinglass, the largest liquidations occurred on Binance, totalling $811.49 million, followed by OKX with $300.77 million and ByBit with $95.07 million. The largest single liquidation order, valued at approximately $13.30 million, took place on OKX-BTC-USDT-SWAP trading pair. 
The widespread sell-off also impacted the altcoin market, with over 246,961 traders liquidating their positions within the same period. Ethereum, which experienced substantial selling pressure, is currently trading at $3,667, representing a 7.96% decline from its 24-hour price and a 7.14% decrease from its 7-day price. 
At press time, Bitcoin is<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener"> trading at $66,964</a>, marking a 9.4% decrease from its most recent ATH. However, market observers view this decline as a retracement, and there remains optimism for positive momentum in the days ahead, particularly with the <a href="https://coinmarketcap.com/events/bitcoin-halving/" target="_blank" rel="noopener">upcoming BTC halving</a>. 
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The post <a rel="nofollow" href="https://defi-planet.com/2024/03/bitcoin-retreats-after-record-highs-altcoins-record-massive-liquidations/">Bitcoin Retreats After Record Highs; Altcoins Record Massive Liquidations</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin Retreats After Record Highs; Altcoins Record Massive Liquidations

DeFi Planet

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