Bitcoin markets decisively rejected the $60,000 price range on March 15, with excessive leverage leading to a record liquidation of $500 million longs in just 60 minutes.
Glassnode founders Jan and Yann highlighted bitcoin’s new hourly rate and noted that more than half of open futures contracts had leverage of at least 20x before margin calls.
In the last hour alone, nearly $500 million of long #Bitcoin has been liquidated, a historic ATH.
There is excessive greed in the system, 60% of contracts are broken 20 times or more.
The long sell-off is an artifact of the current bull market. pic.twitter.com/n9NciJcS62
– Jan and Jan (@Negentropic_) 15. March 2021
However, Bybt’s data shows that the $800 million in liquidations was processed in just 15 minutes.
According to crypto-currency market data aggregator Datamish, 292 positions worth $94.5 million were liquidated on the BitMEX futures market in the past 24 hours. On Bitfinex, 488 positions worth approximately $100 million were liquidated during the same period.
The second largest single-day liquidation occurred on the 22nd. February took place, when BTC dropped from a high of $58,300 to around $47,000. As Cointelegraph reports, $5.9 billion in futures contracts were liquidated during the crash.
Since peaking at $61,000 on the 14th. March, bitcoin corrected during Asian trading on Tuesday the 16th. March, up 12.3% to $53,500. Since then, BTC has recovered a bit, with the latest hand exchange worth $54,600 at the time of writing.
This latest correction is the third major correction of the current bullish cycle.
While the bitcoin fear and greed index suggested that markets were in a state of extreme greed last week, the indicator moved back into the greed category during the correction with a reading of 71, indicating a significant cooling in market sentiment.
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