Bitcoin lost a record $ 10,000 in value in just a week

The bitcoin rate fell by $ 10,000 over the week, a drop that came after reaching an all-time high on March 12, when the price of BTC $96,933.80 Bitcoin -0.55% Market capitalization $1.92 trillion VOL. 24 hours $1.48 billion exceeded $ 73,000. Immediately after the peak, a pullback began, reaching $ 63,426.

According to the Coinglass service, which tracks the activity of traders on the largest platforms, about 232,000 positions worth $ 583.23 million were liquidated on crypto exchanges over the day. Due to the decline in the bitcoin rate, those who bet on its growth liquidated positions worth $ 26 million. The largest single order for the liquidation of BTC occurred on the BitMEX exchange, amounting to $ 9.01 million.

The drop in the price of the first cryptocurrency comes amid an outflow of funds from the Grayscale Bitcoin Trust (GBTC), which reached a record $ 643 million on March 18 and is the largest one-day outflow since the trust was founded in 2013. Analysts attribute the investors' exit from GBTC to the fund’s higher fees compared to other bitcoin ETFs.

The largest cryptocurrencies by market capitalization repeated the leader’s movement — Ethereum, BNB, XRP, Cardano, and Dogecoin fell in price. The exception was the Solana blockchain token (SOL), which gained about 20% in price over the week and approached its historical highs.