Latest Bitcoin Correction Led To the Mass Liquidation Of About $500 Million

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Leverage of BTC led to triggering a response of $500 million liquidations within an hour because of a major circumstantial exchange rate. On the 15th of March, a disastrous outcome of Bitcoin’s rejection for the selective criteria of $60k took place, which brought nothing but a despairing liquidation of $500 million Bitcoin markets within 60 minutes.

Jan and Yann, founders of Glassnode, in their current tweet, identified this massive problem and stated that because of the accumulating greed of different Bitcoin markets, many contracts are levered aggressively with an increasing pace of 20×. According to them, within an hour, a $500M worth of liquidation is a historical event and a type of artefact for the current bull market.

Different data analysis took place and showed distinct results

According to Bybt data, a massive liquidation of $800M took place in 15 minutes while other data sources such as Datamish that collected data from different crypto markets such as BitMex and Bitfinex concluded that almost $94.5M worth of liquidations took place for 292 seats by BitMex, while Bitfinex also observed a massive liquidation of about $100 million for 488 positions. Both of these massive liquidations took place in the past 24 hours.

This wasn’t the only “single-day” massive liquidation. A similar second massive liquidation took place on 22nd Feb, where Bitcoin lost its high status, worth $58,300 and dropped down to a low of $47k. Aggregated data analysis showed that $5.9 billion worth of positions were liquidated.

Bitcoin had induced a slight recovery of $53,600 this Tuesday after its major outscore of $61k on March 14th. The current bull cycle is keeping an eye on every trace of the third Bitcoin asset’s highs and lows.

The bitcoin market is evidently stating the “Fear and Greed” among the investors. Extreme greed is leading to an exemplary liquidation of the BTC market and is mostly responsible for the BTC culmination. The greed indicators may rank it up to 71 because of the last week’s significant analysis.

Apart from the greed indications provided by the Bitcoin marketers, they are also foreseeing the impact of the contradicting sentiments of the investors to prevent such liquidations in the near future.


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