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

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

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

Co-ordinate to crypto marketplace data aggregator, Datamish, the past 24 hours saw 292 positions liquidated for $94.v million on derivatives commutation, BitMEX. On Bitfinex, 488 positions were liquidated for roughly $100 1000000 over the same menstruation.

The 2d largest unmarried-24-hour interval liquidation came on February. 22, when BTC barbarous from its so all-fourth dimension high of $58,300 to around $47,000. Every bit reported past Cointelegraph, $v.9 billion worth of futures contracts were liquidated during the crash.

Since its March 14 meridian of $61,000, Bitcoin has corrected by 12.iii% to $53,500 during Asian trading on Tuesday, March 16. BTC has since produced a slight recovery, final changing hands for $54,600 as of this writing.

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

While the Bitcoin Fear and Greed Index suggested the markets were in a state of "extreme greed" concluding calendar week, the retracement has seen the indicator fall dorsum into the "greed" category with a rank of 71 — indicating a pregnant cooling of market sentiment.