Bitcoin Surges Above $71K as Wild Crypto Market Pump Sees $175M in Shorts Liquidated

The move led to over $143 million in shorts, or bets against higher prices, to be liquidated in the past 12 hours, which may have contributed to a price spike higher as traders closed losing bets. BTC shorts lost $73 million, followed by $39 million on ETH shorts, data from CoinGlass shows.

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