In a recent trading frenzy, Bitcoin (BTC) peaked above $89,000, before correcting down to around $87,000. This rollercoaster ride led to more than $600 million in liquidations across both short and long positions in the futures market. The price fluctuations were the most significant since early April when Bitcoin reached over $73,000.

Key Takeaways

• Bitcoin spiked to over $89,000 and then dropped, indicating extreme market volatility.
• Over $600 million was liquidated in futures trades.
• Altcoins like Dogecoin (DOGE) also experienced substantial losses, with DOGE reaching a 40% gain.

Dogecoin's price surge coincided with speculations surrounding Elon Musk's influence near President-elect Donald Trump's administration, further fuelling excitement in the crypto market. The analysts foresee a bullish trend in the crypto ecosystem, driven by political changes and trader sentiment.