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Bitcoin BTC/USD bears are sinking as the crypto apex continues to hold the crucial $18,000 level, according to a cryptocurrency analyst.
What happened: The price of Bitcoin rose above $18,000 late Wednesday evening, in a sudden spike that pushed its market capitalization past $350 billion.
And beyond Bitcoin, over $238 million of all cryptocurrencies have been liquidated across a wide range of exchanges, including Binance, Bitmex, and OKEx.
See more: Best Crypto Day Trading Strategies
According to data from CoinGlass, over $74 million BTC has been shorted in the last 24 hours. Ethereum ETH/USD saw the most liquidations, over $111 million on Wednesday.
It looks like the shorts have been rekt (meaning destroyed), according to crypto trader Jason A. Williams. Interestingly, in the past hour, BTC is not among the top eight coins such as Cardano ADA/USD, Flow Token FLOW/USD, Dogecoin DOGE/USD, among others, that are experiencing major liquidations.
In the past 24 hours, 40,724 traders have been liquidated. The global crypto market capitalization increased by 4% today to $889.98 billion and almost all major coins are up.
Price Action: BTC was trading at $18,223 up 4.64%. ETH at $1,398, up 5.11% in the last 24 hours, according to Benzinga Pro.
Read next: FTX claims to have recovered over $5 billion, but extent of customer losses unknown
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