In the last hour or so, Bitcoin started another another leap up, setting a new multi-month high at around $27,000.
The majority of altcoins have also increased, culminating in a daily liquidation of approximately $150 million.
BTC has been on a roll since since the banking crisis got worse last week and spread to Europe this week. As a result, from last Friday, when it battled at $20,000, until Tuesday, when it jumped beyond $26,000, it gained over $6,000 in value.
Notwithstanding the subsequent retracements, BTC resumed its surge late last night and this morning. The cryptocurrency continued to rise today after earlier regaining $26,000 and narrowly missed touching $27,000 for the first time since June 2022.
It’s hardly surprising that the bulk of liquidated trades were short positions given that the majority of altcoins are currently trading in the green. The number of trades has climbed to well over 44,000. On a daily basis, the total value of liquidated positions exceeds $150 million.
Following reports from the US Federal Reserve that Silicon Valley Bank, Signature Bank, and other unnamed banking institutions had borrowed $300 billion to help with some of its recent problems, the most recent price increases occurred.