Bitcoin Explodes to $26,000, Crypto Market Surge Triggers $320,000,000 in Liquidations
Bitcoin’s remarkable rise amid the backdrop of failing American banks continues, with the top cryptocurrency now shattering the $26,000 level.
The rapid rise of BTC triggered $320 million in liquidations in the last 24-hours, as traders who bet the crypto markets would drop race to cover their positions.
Just five days ago, BTC hit a low of $19,662 amid the failure of Silvergate, a crypto-friendly bank that cited pressure from regulators as a key reason for its collapse.
Flash-forward to today where it’s now clear that America’s regional banking system itself has issues, with the sudden closure of Silicon Valley Bank reverberating around the world.
SVB failed after revealing it lost $1.8 billion from selling mainly US bonds whose value tanked due to the Fed’s repeated rate hikes.
The news triggered a run on the bank and placed a spotlight on the very reason Bitcoin was created to offer people around the world an alternative to the banking system.
Bitcoin is an open network that allows anyone to join and validate transactions. It offers people a way to directly and instantly send their capital anywhere in the world in the form of the digital asset BTC, without the need for a bank or middleman.
Bitcoin’s is backed by the users who continue to adopt the network in exponential numbers, and it features a maximum supply of 21 million coins at a time when most governments have been engaged in seemingly endless cycles of money printing and inflation.
Bitcoin is worth $25,925 at time of publishing, up 6.6% in the last 24 hours.
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This article was originally reported on The Daily Hodl.