Bitcoin Spikes Above $89K in Wild Trading Session, Battering Both Bulls and Bears

Election 2024 coverage presented by
Bitcoin (BTC) briefly surged above $89,000 in early Asian hours, before correcting to as low as $87,000, in a wild trading session that saw the asset extend 7-day gains to over 32%.
The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000.
Dogecoin (DOGE) was another shining spot in the crypto market, gaining over 40% to near 41 cents as the market celebrated Dogecoin-supporter Elon Musk’s proximity to President-elect Donald Trump.
BTC-tracked futures recorded over $200 million in short liquidations, followed by $40 million on bearish ether trades.
Futures of other majors and midcaps, from Solana’s SOL to Aptos (APT) saw over $25 million in losses each — with unusually large figures implying a swift return to riskier bets among crypto traders. These futures typically see liquidations under $5 million in general market conditions.
Annualized funding rates have spiked to over 30% across some altcoin-tracked futures, Coinglass data shows.
BTC zoomed more than 7% in the past 24 hours following an unusually bullish weekend, carrying over sentiment for higher prices after Republican Donald Trump’s win at the U.S. presidential elections last week.
A Republican sweep could see total crypto market cap grow to $10 trillion by the end of 2026 from the current $3 trillion mark, bank analysts say, with price targets of $100,000 by the end of this year.
Traders warn of a price correction in the short term, however, with a risk of a leverage washout above the $90,000 level and predictions of a slower ascent from current levels to $100,000.
UPDATE (Nov. 12, 08:25 UTC): Adds details on Dogecoin’s jump and links to other market stories.
Edited by Parikshit Mishra.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.