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Bitcoin Gives Up $27K in Sharp Tumble as Crypto Liquidations Top $100M
The price earlier on Monday had risen to above $27,400, its highest level since late August.
Updated Sep 19, 2023, 3:02 p.m. Published Sep 18, 2023, 6:57 p.m.
Bitcoin (BTC) rise above $27,000 proved short-lived, as the token tumbled about 2% in minutes during early afternoon U.S. hours to $26,700.
The largest and oldest cryptocurrency had advanced to as high as $27,420 earlier Monday, its highest price since late August.
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BTC was still up 0.8% over the past 24 hours, underperforming the broad-market proxy CoinDesk Market Index's (CMI) 1.1% rise.
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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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Fidelity's Jurrien Timmer: Expect lame 2026 as four-year bitcoin cycle appears intact
The director of global macro at the asset management giant remains a secular bull on bitcoin, but isn't optimistic about the next year.
Was Sie wissen sollten:
- A number of notable market analysts of late have dismissed the idea of bitcoin's four-year cycle and the nearly certain bear market that might imply.
- Fidelity's Jurrien Timmer, however, says the action so far this time around lines up about perfectly with past four-year cycles and the current bearish action should last deep into 2026.
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