In the last 24 hours, Bitcoin fell 8.1% from its peak of $73,177 to $67,689 on Friday afternoon.
Bitcoin retreated from its record high of more than $73,000 as the market witnessed a selloff and higher-than-predicted US inflation data signalled that interest rates might stay high.
Ethereum, the second largest cryptocurrency, fell nearly 7% to $3,708.
As per the data released by Coinglass, $526 million worth of crypto wagers were liquidated in the past 24 hours, the highest in about two weeks.
Moreover, the US Producer price index for final demand climbed 0.6% in February. In January, it was 0.3%.
Notably, in the last one month, Bitcoin jumped over 40% before cooling down and prompting a selloff in the market.
Before the selloff, Bitcoin’s total gains in 2024 so far were over 70%.
Even after the selloff, it has still given investors 60% returns in 2024 alone.
Experts believe that there is froth in the crypto market after the recent rally. Digital asset analytics firm Swissblock said recently that Bitcoin may fall to $58,000-$59,000.
Amid the continuous rally, the cryptocurrency Bitcoin recently climbed up the ranks to become the world’s eighth most valuable asset by market capitalisation, surpassing silver.