The price of Bitcoin just shot above the $116,000 for the first time ever, continuing a recent string of all-time high jumps over the last two days—and non-believers are getting pummeled with short liquidations.

Bitcoin is currently sitting at a price of $116,734 according to data from Coinbase, marking a 4.8% climb over the last 24 hours after weeks of being rangebound below the previous record price just under $112,000.

According to data from CoinGlass, Bitcoin shorts are getting slammed. More than $500 million worth of crypto positions have been liquidated in the last hour alone, with most of them shorts. Bitcoin shorts accounted for over $422 million worth of those liquidations, with shorts making up all but about $5 million worth of that tally.

Editor's note: This story is breaking and will be updated with additional details.

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