Bitcoin Continues to Lose Ground Following A Record High - Android
Crypto markets continued to pull back since Monday morning after Bitcoin hit a historic $61,800. According to Forbes, Bitcoin fell… Read More
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Crypto markets continued to pull back since Monday morning after Bitcoin hit a historic $61,800.
According to Forbes, Bitcoin fell as low as $54,588.83 and made a small bounce to $56,689 on Monday morning. The fall came as a result of an aggressive sell-off as 185,350 trades worth almost $2.22B were liquidated by crypto exchanges, mostly Bitcoin.
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Bitcoin traded as low as $53,000 in the last 24 hours, representing more than a 10% slide. For futures markets, there’s uncertainty and investors know it. The following tweet from Glassnode mavericks Jan & Yann indicates how the Bitcoin bubble could leak more than $2 billion worth of BTC futures in as much as 2 days.
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
But others pointed out that the losses per hour were far greater than the $500 million mark. Prominent analytics firm Bybt reported that losses per 1 hour at the time of the plunge were pretty far north of the $1 billion mark.
$1.12 billion worth of longs liquidated in the past hour
Chart: @bybt_com pic.twitter.com/n5OK9DP4Sx
— Bloqport (@Bloqport) March 15, 2021
Losses of such a scale have definitely had an impact on market sentiment with investors taking the higher road, waiting to see if this slump is part of Bitcoin’s broader and much more complex pattern of highs and lows. Simply put, they’re just looking forward to Friday, a day which could spell a plunge as low as $40,000, or a massive rally as high as $70,000.
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