The first cryptocurrency fell below the $60,000 mark reached a few days ago. According to CoinGecko, over the last 24 hours bitcoin has fallen nearly 9% and, at the time of writing, trades around $55,900.
Trading activity spiked on the chart below amid the pullback. The price reached a local low of $54,568 on the Bitstamp exchange.
30-minute BTC/USD chart from Bitstamp on TradingView.
The Block researcher Larry Cermak noted that in just half an hour there were $1 billion in liquidations.
As always, Binance and Bybit lead the way in liquidations since they have the most overleveraged apes pic.twitter.com/ehAs94FcJn
— Larry Cermak (@lawmaster) March 15, 2021
Most liquidations occurred on the Binance and Bybit exchanges.
According to Glassnode analysts, the supply of Bitcoin that has remained inactive for the last 3-6 months reached a five-month high.
📈 #Bitcoin $BTC Amount of Supply Last Active 3m-6m (1d MA) just reached a 5-month high of 1,443,142.318 BTC
Previous 5-month high of 1,443,088.261 BTC was observed on 14 March 2021
View metric:https://t.co/xD7zWV6u5s pic.twitter.com/ze3Fmnb365
— glassnode alerts (@glassnodealerts) March 15, 2021
This could indicate renewed interest among investors looking to lock in unrealized gains on their holdings in Bitcoin.
The falling bitcoin pulled down the rest of the market. As of writing, the top ten crypto assets by market capitalisation look as follows:
Data: CoinGecko.
Bitcoin’s market capitalisation stands at $1.05 trillion. BTC dominance index — 60.3%.
In March, Bitcoin’s price updated its all-time high above $61,000.
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