Bitcoin short liquidations have spiked to more than $34 million in the past 24 hours after the largest digital asset by market capitalization rallied above the $67,000 mark.

The rally comes ahead of Donald Trump's speech at this year's Bitcoin Conference in Nashville, Tennessee. The former U.S. president is scheduled to appear on the Nakamoto Stage at 2 p.m. CT on July 27 for a 30-minute session, according to the conference's website.

The rise in bitcoin’s price over the past day saw $54 million in liquidated bitcoin positions. As volatility spiked, the wider cryptocurrency market was hit by over $200 million in liquidations in the same period, according to Coinglass data.

Bitcoin is changing hands for around $67,330 at the time of writing, having increased over 5% in the past 24 …