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Ethereum
ETH$4 171.66

5.07%

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BNB$485.63

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


16 Mar 2021

#Bitcoin

The latest Bitcoin correction triggered a record $500 million worth of liquidations in 60 minutes on major exchanges. 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.

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64.8% 74 $61 393.62 1.16% 0.83% $1 157 410 091 263 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.4% 59 $4 171.66 5.07% 8.92% $492 462 196 227 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 70.8% 62 $485.63 1.44% 4.21% $81 003 906 943 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 87.2% 13 $2.17 0.55% -0.57% $71 272 162 809 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000858 0.10% 0.08% $69 633 809 415 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 73.2% 57 $197.70 0.65% 25.50% $59 473 993 983 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 74% 49 $1.094497 0.56% -3.58% $51 382 650 889 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 64.4% 81 $44.05 1.38% 5.54% $43 502 840 639 DOT 7 days price change
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10 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.001199 0.09% 0.12% $32 582 792 876 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 68.8% 64 $43.19 -0.98% 18.00% $17 337 793 703 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 80.4% 41 $26.81 4.59% -0.80% $16 400 871 282 UNI 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 74.4% 44 $31.43 9.66% 15.36% $14 490 192 645 LINK 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 60 $65.44 -0.09% 13.84% $14 415 133 233 AVAX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 65.6% 75 $61 406.63 1.11% 0.83% $13 619 540 827 WBTC 7 days price change

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