$150M in Liquidations as Bitcoin Soars to New 9-Month High Close to $27K

Bitcoin initiated yet another leg up in the past hour or so, resulting in a new multi-month high at almost $27,000.

Most altcoins have also followed along upwards, resulting in over $150 million liquidated on a daily scale.

• Ever since the banking crisis worsened last week and expanded to Europe during this one, BTC has been on a roll. This resulted in adding over $6,000 of value from last Friday, when it struggled at $20,000, until Tuesday when it spiked above $26,000.
• Despite the retracements in the next few days, BTC resumed its run late last night and today. After reclaiming $26,000 earlier today, the cryptocurrency kept climbing and came inches away from tapping $27,000 for the first time since June 2022.
• With most altcoins being well in the green, it’s no surprise that the number of liquidated trades has increased to well over 44,000, and the majority were engaged in short positions. The total value of liquidated positions is worth more than $150 million on a daily scale.
• The latest price jumps came after news from the US Federal Reserve informing that Silicon Valley Bank, Signature Bank, and other unnamed banking organizations have borrowed $300 billion to aid some of its recent issues.