world’s most important cryptocurrency unit of bitcoin, It surpassed the much-desired $26,000 level to delight the bulls.
BTC price peaked at $26,553 on the Bitstamp exchange earlier today. This marks a year high for the world’s largest cryptocurrency.
Crypto Bears Face Big Liquidations
According to data provided by crypto analytics platform Coinglass, crypto bears have had a rough day with a significant number of liquidations totaling $314.24 million in the past 24 hours.
The majority of these liquidations took place on the short side and 83.01% of the liquidations were short positions.
Binance, the world’s largest stock exchange according to known trading volumes, was the exchange with the highest liquidity with 99.92 million dollars, while 77.38% of these liquidations consisted of short positions. OKX had the second highest number of liquidations at $76.98 million, of which 89.62% were short positions.
BTC’s resurgence comes at a time when the United States is experiencing a banking crisis. The collapse of Silicon Valley Bank and the takeover of Signature Bank caused widespread market panic over a wider crisis.
Bitcoin was seen as a safe haven during times of financial turmoil, and the recent banking crisis fueled the price surge.
BTC price surpassed $26,000 for the first time since July 2022. However, the BTC price is trading at $ 25,814, decreasing at the time of this writing.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!