Bitcoin {BTC} galloped to a new record high above $110,000 on Thursday, liquidating around $500 million worth of derivatives positions in its wake, but some traders aren't buying into the bullish sentiment.

Bitcoin breaks through $111,000 for the first time as investors seek alternatives to traditional safe havens amid weak demand for government bonds.

The price of bitcoin stood at $111,385 on Thursday, extending a sharp rise that stretches back to the November election of President Donald Trump, a cryptocurrency supporter and investor. Ether, the second-largest cryptocurrency,