Bitcoin, the leading cryptocurrency, has surged past the highly sought-after $26,000 threshold, much to the joy of bullish investors. On the Bitstamp exchange, it reached a year-to-date high of $26,553 earlier today. This marks a significant milestone for the world’s biggest cryptocurrency.
According to data provided by the crypto analytics platform Coinglass, bears have had a challenging day with a considerable number of liquidations totaling $314.24 million in the past 24 hours. A significant majority of these liquidations were short positions, making up 83.01% of the total.
Binance, the world’s largest exchange by reported trading volumes, accounted for the highest number of liquidations at $99.92 million, with 77.38% being shorts. Meanwhile, OKX had the second-highest number of liquidations at $76.98 million, with 89.62% being shorts.
Bitcoin’s resurgence comes as the United States faces a banking crisis due to the collapse of Silicon Valley Bank and the seizure of Signature Bank, which caused widespread market panic about the possibility of wider contagion.
Bitcoin is widely viewed as a haven asset during times of financial turmoil, and the recent banking crisis has contributed to its price surge. The cryptocurrency is now trading above the $26,000 mark for the first time since July 2022.
