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Crypto shorts took a severe hit as Bitcoin BTC/USD breached $26,000 early on Wednesday morning.
What Happened: Data from CoinGlass shows that over $150 million shorts have been liquidated in the last 12 hours. The total short and long liquidations stand at $258 million in the last 12 hours.
The largest single liquidation order happened on Bitmex for Ethereum ETH/USD at $10.02 million.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
The rally in Bitcoin comes following the release of the February Consumer Price Index on Tuesday. The CPI showed a decrease in inflation to 6% from the previous month’s reading of 6.4%.
Apex cryptocurrency Bitcoin rocketed to a nine-month high of over $26,000, displaying an impressive double-digit increase during two consecutive days of trading. The coin peaked at $26,100 before paring off some of its gains, settling back to the $25,000 mark.
Price Action: At the time of writing, BTC was trading at $24,879, up 1.79% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.