The price earlier on Monday had risen to above $27,400, its highest level since late August.

Bitcoin slides back below $27K (CoinDesk)

Notable outperformers today are Solana’s SOL, Litecoin’s LTC and bitcoin cash (BCH), up 3%-4% even after paring some of their early gains. Chainlink’s native token LINK soared nearly 8% today amid new partnerships with traditional financial institutions.

The whipsaw in prices caught some crypto derivatives traders off-guard, liquidating roughly $100 million worth of leveraged trading positions over the past 24 hours, according to Coinglass data. Short traders, who attempted to profit from lower prices, endured $60 million in losses, while long traders, who bet on higher prices, suffered $40 million in losses.

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Crypto liquidations over the last 24 hours (Coinglass)

The post Bitcoin Gives Up $27K in Sharp Tumble as Crypto Liquidations Top $100M appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 18, 2023 7:23 pm