Bitcoin's Record Short Liquidation Volume Surges as It Tacks on $70K

Bitcoin has seen its biggest-ever short liquidation volume as it surged to nearly $70K. The cryptocurrency climbed as high as $68,982.40 over the past 24 hours before easing to around $68,189.62.

This represents a gain of roughly 5.4%, marking Bitcoin's first break above $68,000 since June.

K33 Research data shows that Bitcoin perpetual futures recorded approximately $1.1 billion in short liquidations in a single day, surpassing previous major liquidation events.

Vetle Lunde, head of research at K33, described the event as Bitcoin's 'first-ever daily billion-dollar short liquidation volume' and the largest short liquidation volume on record.