Bitcoin short liquidations jumped to over $20 million in the past 24 hours, helping propel the largest digital asset by market cap to touch the $71,000 mark briefly. 

Bitcoin is now changing hands for around $70,700, having increased over 3% in the past 24 hours, according to The Block’s price page.

The rise in bitcoin’s price over the past day saw a total of $27 million in liquidated bitcoin positions. The wider cryptocurrency market was hit by over $87 million in liquidations in the same period. Of these combined crypto liquidations, the majority — around $50 million — were short positions, according to Coinglass data.

According to Tuesday's QCP Capital report, "unprecedented inflow access for traditional capital around the world will undoubtedly keep bitcoin price …