Bitcoin bears are not having a good day
, 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.The cryptocurrency's resurgence comes as the United States is experiencing a banking crisis.
Bitcoin has been seen as a safe haven asset in times of financial turmoil, and the recent banking crisis has fueled its price surge.
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