Bitcoin markets strongly rejected the price range of $ 60,000 March 15, when excessive leverage led to record long liquidations of $ 500 million in just 60 minutes.
The founders of Glassnode, Jan & Yann, highlighted the new record-breaking hourly bitcoin for liquidation, stating that more than half of open futures contracts before margin calls were used at least 20 times.
In the last hour alone, almost $ 500 million #Bitcoin Longs was liquidated, it is a historic ATH.
There is excessive greed in the system, with 60% of contracts being 20 times or more.
Long liquidations are an artifact of today’s bull market. pic.twitter.com/n9NciJcS62
– Jan & Yann (@Negentropic_) March 15, 2021
However, data by Bybt suggests that the $ 800 million liquidation was processed in just 15 minutes.
According to the data aggregator on the crypto market, DatamishIn the last 24 hours, 292 positions for USD 94.5 million have been liquidated on the BitMEX derivatives exchange. 488 positions for approximately $ 100 million were liquidated at Bitfinex in the same period.
The second largest one-day liquidation came on February 22, when BTC dropped from what was then a historic high of $ 58,300 to about $ 47,000. As Cointelegraph states, Liquidation of futures contracts worth $ 5.9 billion during a collision.
From a peak of $ 61,000 on March 14, Bitcoin has been fixed by 12.3% to $ 53,500 during Asian trading on Tuesday, March 16. BTC has since produced a slight recovery, and since that writing has last changed hands for $ 54,600.
This latest correction is the third major return of the current bull cycle.
While Index of fear and greed of bitcoins indicated that the markets were in a state of “extreme greed” last week, with the return falling to the “greed” category with a rating of 71 – indicating a significant cooling of market sentiment.