{"id":129981,"date":"2020-04-07T01:30:55","date_gmt":"2020-04-07T00:30:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129981"},"modified":"2020-04-07T02:44:07","modified_gmt":"2020-04-07T01:44:07","slug":"1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling\/","title":{"rendered":"$1.6 billion: recent Bitcoin volatility liquidates billions, sends open interest reeling"},"content":{"rendered":"

It\u2019s no secret that 2020 has been a crazy year for the crypto markets, with Bitcoin incurring an intense and unwavering uptrend throughout January and February, before erasing all of these gains and nearing its 2018 lows in a sharp movement seen on March 12th.<\/p>\n

Data now shows just how significant this movement was, with it leaving a massive trail of destruction in its wake.<\/p>\n

One prominent analyst is now noting that he believes the severity of this move makes it an obvious occurrence of capitulation, a bullish sign that means these lows could mark a long-term bottom for BTC.<\/p>\n

Analyst: Bitcoin saw textbook capitulation after sharp decline liquidates billions<\/h2>\n

On March 12th \u2013 a day that many investors are now referring to as \u201cBlack Thursday\u201d \u2013 Bitcoin saw unprecedented price action<\/a> that will likely leave an everlasting imprint on investors\u2019 memory.<\/p>\n

After declining from its mid-February highs of $10,500, BTC had found some stability within the $8,000 region, which is where the crypto was engaged in a bout of sideways trading before the capitulatory selloff occurred.<\/p>\n

After breaking below $8,000, the benchmark cryptocurrency began a sharp descent that led it as low as $3,800.<\/p>\n

According to data from research and analytics platform Skew<\/a>, this decline \u2013 and the subsequent rebound to over $5,000 the next day \u2013 resulted in over $1.6 billion in liquidations on cryptocurrency trading platform BitMEX.<\/p>\n

It also appears to have led to an exodus of investors from the market, as Bitcoin's open interest on BitMEX plummeted by 40 percent following the movement.<\/p>\n

\"Bitcoin\"
Image Courtesy of Mohit Sorout<\/figcaption><\/figure>\n

Mohit Sorout \u2013 a partner at Bitazu Capital and a prominent trader \u2013 spoke about<\/a> these two occurrences, explaining that these signs point to this decline marking capitulation.<\/p>\n

\u201c$1.6 billion got liquidated within a span of just 48 hours; 40% of $BTC open interest was obliterated; MMs & even mildly leveraged market participants got [blown out]. If you don't think that was capitulation then Satoshi help us all.\u201d<\/p><\/blockquote>\n

What does this mean for BTC going forward?<\/h2>\n

Historically, capitulation precedes the establishment of long-term bottoms, and this notion is supported by Bitcoin\u2019s rebound from these mid-March lows<\/a> to the $7,000 region \u2013 almost climbing by 100 percent.<\/p>\n

\"The<\/a>
Related: The crypto market\u2019s early-March meltdown revealed something super bullish for Bitcoin<\/a><\/figcaption><\/figure>\n

While looking towards recent Skew data, open interest on BitMEX still remains stagnant, suggesting that traders who were adversely impacted by this volatility are still unsure of what to expect.<\/p>\n

Retail investors, however, still appear to remain confident in the market, as data from TokenAnalyst<\/a> shows that exchanges have not seen any abnormal outflows of Bitcoin over the past 30 days, a sign that investors aren\u2019t fleeing the market.<\/p>\n

If Bitcoin continues pushing higher as buyers attempt to recoup its recent losses, it will further bolster the idea that $3,800 is a long-term bottom and that this capitulation flushed over-leveraged traders, who will now have to reenter the market to catch its next uptrend.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s no secret that 2020 has been a crazy year for the crypto markets, with Bitcoin incurring an intense and unwavering uptrend throughout January and February, before erasing all of these gains and nearing its 2018 lows in a sharp movement seen on March 12th. Data now shows just how significant this movement was, with […]<\/p>\n","protected":false},"author":174,"featured_media":129991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\n$1.6 billion: recent Bitcoin volatility liquidates billions, sends open interest reeling<\/title>\n<meta name=\"description\" content=\"One prominent analyst is now noting that he believes the severity of Bitcoin's recent drop makes it an obvious occurrence of capitulation, a bullish sign.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$1.6 billion: recent Bitcoin volatility liquidates billions, sends open interest reeling\" \/>\n<meta property=\"og:description\" content=\"One prominent analyst is now noting that he believes the severity of Bitcoin's recent drop makes it an obvious occurrence of capitulation, a bullish sign.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-07T00:30:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T01:44:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-plane.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/1-6-billion-recent-bitcoin-volatility-liquidates-billions-sends-open-interest-reeling\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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