Image credit: The Byteline

The cryptocurrency market is in retreat as Bitcoin and other major coins experience significant losses following a correction that began on Wednesday, just days after Bitcoin reached a new all-time high.

Bitcoin briefly dropped below $96,000 on Friday morning, marking a sharp decline from its peak above $108,000 earlier this week. The leading cryptocurrency is down 7% on the day. BTC is currently trading just above $97,000.

Ethereum has seen an even steeper drop, falling nearly 12% to $3,422, while Ripple’s XRP has dipped 11% to $2.22.

Meme favorite Dogecoin has suffered one of the biggest losses, plunging nearly 20% to $0.31, and Solana has slipped below the $200 threshold, now trading at $191 after a 12% drop.

The broader cryptocurrency market is down 9% overall, according to CoinGecko data. Liquidations have surged in the wake of the sell-off, with over $1.17 billion worth of long and short positions wiped out in the last 24 hours, including $241 million tied to Bitcoin alone, per CoinGlass data.

The sell-off comes amid heightened volatility following Bitcoin’s record highs, as the market adjusts to profit-taking and speculative pressures.

‍