$500 Million worth of BTC Liquidation in one hour caused by Extreme Leverage

Following Biden’s New Tax Proposal Bitcoin Plummets Below $50000 Extending Losses 

On major changes, there was a record of $500 million worth of liquidations in 60 minutes which was sparked by the latest bitcoin correction.

On March 15, $60,000 price range was emphatically rejected by the bitcoin market. Also bitcoin drove a record of %500 million worth liquidations over just 60 minutes and it was premised on excessive leverage.

The novel  record hourly bitcoin for liquidation has been stressed by Jan and Yann, the founders of Glassnode’s and which the duo posited that prior to the margin calls, there were leveraged for at least 20 times, there more than half open futures contract.

Over 15 minutes, about $800 million worth of liquidations were processed based on the data obtained from Bybt. For the past twenty-four hours, Datamish saw 292 positions liquidated for $94.5 million on derivatives exchange BitMex. 488 positions were liquidated for roughly $100 million over the same period on Bitfinex according to Crypto market data aggregator.

When BTC fell from it’s the all-time high of $58, 300  to around  $47, 000, it was regarded as the second largest single-day liquidation and which came by Feb.22 and futures contract that  is worth about $5.9 billion was liquidated during the crash.

Bitcoin has corrected by 12.3% to $53,500 since March 14 peak of $61,000 during the trading of the Asians on Tuesday on 16th  March.  Though, there has been a small recovery, since the last time it changed hands for $54, 600.

 

 

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