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.