Bearish crypto traders absorbed $1.06 billion in short liquidations over 24 hours as the total crypto market capitalization rose 3.7%. 

Liquidations across the market reached $1.24 billion. The wipeout caught 141,191 traders, while long positions gave up only $174.41 million. 

Bitcoin Drove the Bulk of Short Liquidations

Bitcoin (BTC) alone drove $789.68 million of the losses after climbing 8.4% to $74,998. The cryptocurrency touched an intraday high of $75,744 early Friday, its strongest print since May 27. 

That peak stopped narrowly below the True Market Mean of $75,800….