Bitcoin price breaks out above $71,000, causing spike in short liquidations

There have been over $193 million in liquidations over the past 24 hours in the cryptocurrency market. Of these liquidations, the vast majority, around $129 million, were short positions. Bitcoin short positions took the largest share of the damage, with over $56 million in liquidations in the past 24 hours, according to Coinglass data.

The wipeout of short positions came as bitcoin broke above the $71,000 mark. The largest digital asset by market capitalization increased by over 6% in the past 24 hours and was changing hands for $71,041 at 5:42 a.m. ET, according to The Block's Price Page. Despite that, the GM 30 Index, representing a selection of the top 30 cryptocurrencies, has decreased by 5.43% to 157.83 in the past 24 hours.

"There is certainly strong topside momentum with bitcoin breaking above $70,000 overnight on headlines that the London Stock Exchange will start trading ETNs for bitcoin and ether in May, and asset managers also continue to add bitcoin allocations as a 'portfolio diversifier'. Short of a broader macro risk-off, the next leg higher seems like an inevitability at this point," Tuesday's QCP Capital report said.The net inflow into spot bitcoin ETFs on Monday totaled $15.

The spot bitcoin ETF with the highest single-day net inflow on Monday was Fidelity's ETF , with a net inflow of about $261 million, followed by BlackRock ETF , with a single-day net inflow of about $35.48 million.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.

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