HomeBitcoinExtreme leverage drove $500 million worth of BTC liquidations in one hour

Extreme leverage drove $500 million worth of BTC liquidations in one hour



The Bitcoin markets emphatically rejected the $60,000 price range on March 15, with excessive leverage driving a record $500 million worth of long liquidations over just 60 minutes.

Glassnode’s founders, Jan & Yann, emphasized the new record hourly Bitcoin for liquidations, noting that more than half open futures contracts prior to the margin calls were leveraged by at least 20 times.

In the last hour alone, nearly $500M in #Bitcoin Longs got liquidated, this is a historic ATH.

There is excess greed in the system, with 60% of contracts levered 20x or more.

Long liquidations are an artifact of the current bull market. pic.twitter.com/n9NciJcS62

— Jan & Yann (@Negentropic_) March 15, 2021

However, data from Bybt suggests $800 million worth of liquidations were processed over just 15 minutes.

According to crypto market data aggregator, Datamish, the past 24 hours saw 292 positions liquidated for $94.5 million on derivatives exchange, BitMEX. On Bitfinex, 488 positions were liquidated for roughly $100 million over the same period.

The second largest single-day liquidation came on Feb. 22, when BTC fell from its then all-time high of $58,300 to around $47,000. As reported by Cointelegraph, $5.9 billion worth of futures contracts were liquidated during the crash. 

Since its March 14 peak of $61,000, Bitcoin has corrected by 12.3% to $53,500 during Asian trading on Tuesday, March 16. BTC has since produced a slight recovery, last changing hands for $54,600 as of this writing.

This latest correction is the third major retracement of the current bull cycle.

While the Bitcoin Fear and Greed Index suggested the markets were in a state of “extreme greed” last week, the retracement has seen the indicator fall back into the “greed” category with a rank of 71 — indicating a significant cooling of market sentiment.


Source link


Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular