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$260M of Short Positions Liquidated as Bitcoin (BTC) Crosses $26K

Tue, 03/14/2023 - 13:54
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Alex Dovbnya
Bitcoin has surpassed the highly coveted $26,000 level, reaching a year-to-date high and sending crypto bulls into a frenzy while
$260M of Short Positions Liquidated as Bitcoin (BTC) Crosses $26K
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Bitcoin, the flagship cryptocurrency, has soared past the much-coveted $26,000 level, to the great delight of bulls.   

Earlier today, it peaked at $26,553 on the Bitstamp exchange. This marks a year-to-date high for the world's largest cryptocurrency. 

Based on data provided by the crypto analytics platform Coinglass, crypto bears have had a rough day, with a significant number of liquidations over the past 24 hours totaling $314.24 million.

The majority of these liquidations were on the short side, with 83.01% of the liquidations being short positions.

Binance, the world's largest exchange by reported trading volumes, had the highest number of liquidations at $99.92 million, with 77.38% of those being shorts. OKX had the second-highest number of liquidations at $76.98 million, with 89.62% of those being shorts.

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The cryptocurrency's resurgence comes as the United States is experiencing a banking crisis. The collapse of Silicon Valley Bank and the seizure of Signature Bank caused widespread market panic about wider contagion.  

Bitcoin has been seen as a safe haven asset in times of financial turmoil, and the recent banking crisis has fueled its price surge.

The cryptocurrency is now changing hands above the $26,000 mark for the first time since July 2022.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at