Bitcoin Gives Up $27K in Sharp Tumble as Crypto Liquidations Top $100M

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By BitcoinWiki News

Key Takeaways:

– Bitcoin (BTC) briefly rose above $27,000 but then dropped about 2% to $26,700.
– BTC had reached its highest price since late August at $27,420 earlier in the day.
– Despite the drop, BTC was still up 0.8% over the past 24 hours.
– Solana’s SOL, Litecoin’s LTC, and Bitcoin Cash (BCH) were notable outperformers, up 3%-4%.
– Chainlink’s LINK token surged nearly 8% due to new partnerships with traditional financial institutions.
– Crypto derivatives traders were caught off-guard by the price fluctuations, leading to approximately $100 million worth of liquidated trading positions.
– Short traders experienced $60 million in losses, while long traders suffered $40 million in losses.
– LTC and Litecoin are included in the list of outperformers.


Bitcoin (BTC) briefly surpassed $27,000 before falling about 2% to $26,700. Despite the drop, BTC was still up 0.8% in the past 24 hours, performing slightly worse than the CoinDesk Market Index. Other cryptocurrencies like Solana (SOL), Litecoin (LTC), and bitcoin cash (BCH) experienced gains of 3%-4%, while Chainlink’s native token LINK surged nearly 8% due to new partnerships with traditional financial institutions. The volatile market caused $100 million in leveraged trading positions to be liquidated, resulting in $60 million in losses for short traders and $40 million in losses for long traders.

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