Daily liquidations of Bitcoin positions surged on Wednesday after the price of the leading digital asset flirted with $70,000. 

Over $1.7 billion in positions held by traders shorting the biggest cryptocurrency have been closed in the past 24 hours, according to Coinglass data. 

And the vast majority — $1.5 billion — of those positions were liquidated in the past four hours. 

Bitcoin on Wednesday morning traded briefly as high as $69,000 before dipping again. It was recently priced at $68,253 after jumping more than 5% over a 24-hour period. 

The price surge comes after bitcoin had largely been flat over the past 30 days. Analysts have pointed out that the…

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