The upward price trajectory of bitcoin over the past 24 hours has resulted in over $56 million worth of bitcoin 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 …