Crypto short liquidations pass $3B mark as Bitcoin price nears $72K

Bitcoin (BTC) and altcoins are breaking records as short position liquidations pass $3 billion over two days.Key points:Crypto short liquidations since Thursday are in excess of $3.1 billion, per CoinGlass data.Bitcoin continues its upside reaction to a US Treasury liquidity intervention, approaching $72,000.Bitcoin short-term holders take profit on previously underwater positions and move 43,300 BTC.Two-day crypto short liquidations hit $3.1 billionData from CoinGlass shows ongoing crypto short liquidations at $3.1 billion for Aug. 19-20. Thursday’s tally was largest single-day wipeout of shorts ever recorded.Crypto liquidations history (screenshot). Source: CoinGlassOn Wednesday, BTC/USD led the charge by reacting to a liquidity intervention by the US Treasury with a price spike to the highest levels seen since the start of June. At the time of writing, upside continues, with the pair reaching local highs of $71,992 on Bitstamp, per data from TradingView.BTC/USD one-day chart. Source: Cointelegraph/TradingViewCoinGlass shows Bitcoin accounting for just over half of the total short liquidations at $1.65 billion.The numbers do not represent the largest crypto liquidation event if l...