Bitcoin reached a record-breaking high of $69,000 today, marking a significant milestone after a 50% surge in February. This peak, the highest since November 2021, comes just ahead of the coin’s halving event.

Spot market data reveals that traders wasted no time in capitalizing on profits, with over $142 million exchanged for USDT on various platforms, including Binance. This swift action suggests that short-term traders anticipated a market correction following weeks of consistent growth. Consequently, BTC experienced a 5% drop within an hour, now trading below $65,000.

The cryptocurrency market at large felt the impact of this liquidation, totaling over $720 million since Bitcoin’s peak. Ethereum, for instance, dipped to $3,600 from its earlier high of $3,800.

Meme tokens like BONK, Dogwifhat (WIF), and FLOKI also suffered losses exceeding 15% since yesterday. Despite recent surges of over 100% in a week, these tokens experienced significant declines amidst the broader market correction.

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