The cryptocurrency futures market saw last Monday the largest amount of liquidations in its history.
Thus, according to data provided by tracking service Bybt, on February 22 the market recorded liquidations worth $5.77B due to the plunge in Bitcoin and other cryptocurrency prices.
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This event may be comparable to the "Black Thursday" in March 2020, when $4.1B worth of cryptocurrency futures were liquidated. However, at that time the price of Bitcoin fell by 50% and resulted in massive liquidations. Now, although Bitcoin has only fallen by around 17%, the liquidations have been even greater.
One of the reasons why the crypto price might have suffered a smaller drop this time is the greater maturity of the market. For instance, there are now several platforms offering futures trading, whereas at the time of Black Thursday the market was mainly dominated by BitMEX.