Bitcoin Price Blasts Past $97,000 as Futures Hint at More Room to Run
Volatility surged this year, driven by U.S. spot ETF listings in January and the start of options trading on those products this week.
Sebastian Sinclair
By Sebastian Sinclair
Nov 21, 2024
3 min read
Bitocoin logo. Image: Shutterstock
Bitocoin logo. Image: Shutterstock

Bitcoin continues to set new records this year as traders begin eyeing a six-figure price for the world’s largest crypto—and according to analysis of the asset’s derivatives market, it's yet to overheat.

The asset climbed to well beyond $97,000 late Wednesday evening, blasting through its previous highs above $95,000 in less than an hour, CoinGecko data shows.

Its seesawing price has triggered a $100 million cascade of liquidations over the last 24 hours, with 80% of those coming from short sellers or those betting the price would head lower, according to data from CoinGlass.

Volatility has returned significantly this year, thanks partly to multiple spot exchange…