The cryptocurrency market has seen nearly $2 billion in liquidations over the past 24 hours, its largest since February 5.

Short liquidations accounted for $1.75 billion, their largest since the October 10 leverage flush, and represented the first major short squeeze in a long while.

Short squeezes are a fast, sharp rise in an asset’s price that forces traders who bet on downside (short sellers) to buy the asset back to cut losses. This buying rush pushes the price even higher.

Bitcoin (BTC) gained over 5% as it edged above $68,000 following the move, its highest level since June 2. Liquidations for the top crypto reached $1.14 billion, with shorts representing $1.11 billion.

Ethereum (ETH) saw a…