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Bitcoin Rapidly Plummets to $27K

Bitcoin Drops $27K Rapidly as Over $100M in Cryptos are Liquidated

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243 Listen to this article Bitcoin’s brief ascent past $27,000 didn’t last long, with its price dropping about 2% in […]

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Bitcoin’s brief ascent past $27,000 didn’t last long, with its price dropping about 2% in a matter of minutes during the early afternoon in the U.S., settling at $26,700. Earlier in the day, BTC had climbed to $27,420, marking its peak since late August. Still, over the last day, its value has increased by 0.8%, a touch below the 1.1% rise of the broader CoinDesk Market Index.

Several other cryptocurrencies outshone Bitcoin today: Solana’s SOL, Litecoin’s LTC, and Bitcoin Cash (BCH) all saw an increase of between 3% to 4%, even after adjusting for initial gains. Chainlink’s token, LINK, jumped by almost 8% today, buoyed by its new collaborations with mainstream financial entities.

The swift price fluctuations took some crypto derivatives traders by surprise, leading to the liquidation of around $100 million in leveraged positions in the past day, as per Coinglass. Short traders, hoping to capitalize on decreasing prices, bore the brunt of a $60 million loss. In contrast, long traders, who were banking on price surges, faced a $40 million setback.

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