Bitcoin slid additional on Wednesday, briefly dipping under the $61,000 mark after, persevering with a sell-off that started after the cryptocurrency hit an all-time excessive final week.At round 03:38 a.m. ET, bitcoin had bounced again to commerce simply over $62,900, down round 2.5% from 24 hours prior, in line with CoinDesk information.The worth of all digital cash in existence has plunged since bitcoin’s all-time excessive and was down $210 billion as of Wednesday morning, in line with information from Coinmarketcap.The complete cryptocurrency market has shed round $400 billion of worth for the reason that bitcoin all-time excessive, as different digital belongings akin to ether and Solana additionally fell sharply.A part of the decline is probably going revenue taking following a pointy rally in cryptocurrencies.Knowledge from CryptoQuant exhibits an enormous spike in short-term holders promoting their bitcoin at a revenue on March 12.”We have seen 20-30% pullbacks in earlier Bitcoin bull markets as a standard prevalence when issues begin heating up. And we positively had many indicators over the previous week of issues heating up fairly a bit,” Vijay Ayyar, vice chairman of worldwide markets and development at crypto trade CoinDCX, informed CNBC.Some momentum has come out of the bitcoin ETFs, which recorded a complete of $154.4 million of web outflows on Monday, in line with BitMEX Analysis. It was the primary time the ETFs recorded web outflows since Mar. 1.Grayscale Bitcoin Belief, or GBTC, logged $642.5 million of outflows, in line with BitMEX Analysis, whereas the opposite ETFs posted modest or flat inflows.GBTC has been criticized for its higher-than-average charges. Nonetheless, Grayscale CEO Michael Sonnenshein informed CNBC earlier this week that the crypto fund supervisor expects to convey charges on its Grayscale Bitcoin Belief ETF down within the coming months.Ayyar mentioned that, if bitcoin have been to fall under the $60,000 threshold, the cryptocurrency may weaken additional to check the $50,000 to $52,000 degree, “which might be our line within the sand for this bull market to maintain going ahead.”- CNBC’s Tanaya Macheel and Ryan Browne contributed to this report.