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