Crypto markets saw $3.5 billion in liquidations, mostly from short sellers, as Bitcoin surged to $71,396 and total market cap jumped $280

Over $2.16 billion in crypto short positions were liquidated in 24 hours as Bitcoin rallied past 5%, triggering one of the largest short squeezes

Around 174,350 traders were liquidated for $2.98 billion in the eighth-largest crypto liquidation event ever recorded, with Bitcoin and Ethereum