Bitcoin short positions bore the brunt of market volatility damage as the digital asset surged above the $72,000 mark on Monday. According to Coinglass data, there were over $47 million in bitcoin short liquidations in the past 24 hours.

In the wider cryptocurrency market, there have been over $152 million in liquidations over the past 24 hours. Of these liquidations, the vast majority — around $107 million — were short positions.

The largest digital asset by market capitalization increased by around 3.8% in the past 24 hours and was changing hands for $72,073 at 5:25 a.m. ET, according to The Block's Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 2.85% to 152.67 in the past 24 hours.