Bitcoin drops below $76.5K as tech stocks plunge
6.7 Markets Bitcoin dropped below $76,500, erasing its post-election gains as US tech stocks plunged. Over $460 million in crypto long positions were liquidated in one hour, with Ethereum and the global market also sharply down.
Bitcoin and the broader cryptocurrency market saw sharp declines on November 5, following significant selloffs in US technology stocks, particularly those linked to artificial intelligence and semiconductors. Bitcoin dropped below $76,500, erasing nearly all gains from its recent post-election rally above $80,000. Daily losses ranged from 4.6% to 5.7%, according to various sources. Ethereum also fell by more than 6%, while the total global crypto market capitalization decreased by over 4% to $2.56 trillion. Major US indices were also affected, with the S&P 500 losing up to 3.8%, the Nasdaq Composite nearly 5%, and the Dow Jones 2.7%. These declines triggered massive liquidations in the crypto market, with up to $460 million in long positions closed within a single hour and total liquidations exceeding $720 million over 24 hours. The selloff was driven by concerns over AI infrastructure spending and potential regulatory changes after the US midterm elections, with volatility amplified by the automatic closure of leveraged positions.
