Bitcoin drops to seven-week low near $75,200 as tech rout triggers $1.2 billion in liquidations
A sharp Wall Street selloff in artificial intelligence and chip stocks dragged cryptocurrency markets lower, pushing Bitcoin down toward $75,200 and sparking over $1 billion in leveraged crypto liquidations.
Bitcoin tumbled from above $80,000 to an intraday low of $75,208, touching its weakest level since Sept. 16 and erasing gains made following the U.S. midterm elections. The downturn mirrored a steep rout across U.S. equity markets, where the Nasdaq Composite plunged 5.52% and the S&P 500 dropped 4.36%, marking their worst single-day sessions since April 2025 as AI and semiconductor shares cratered.[2][6][9][10]
The rapid plunge hit leveraged traders hard. Over a four-hour window, the total cryptocurrency market capitalization lost approximately $140 billion as cascading margin calls took hold. Within a 24-hour period, derivatives venues recorded $1.26 billion in total liquidations, with long positions accounting for 88.6% of the wiped-out capital, according to CoinGlass data. Alternative cryptocurrencies fell in tandem, with Ethereum dropping below $2,300 and Solana falling under $90.[1][5][9][11][12]
Despite sliding around 5.8% during the session, Bitcoin managed to close Thursday above its 50-week moving average, according to Galaxy Research head of firmwide research Alex Thorn. Market observers, including the Kobeissi Letter and GSR vice president of research Carlos Guzman, noted that excessive leverage exacerbated the price drop following the midterm election results.[3][9]
Key facts
- Bitcoin fell from above $80,000 to as low as $75,208 late Thursday, hitting a seven-week low.
- The Nasdaq Composite fell 5.52% and the S&P 500 lost 4.36%, both marking their worst trading days since April 2025.
- CoinGlass tracked $1.26 billion in crypto liquidations over 24 hours, with long bets making up 88.6% of the total.
- The total crypto market capitalization shed approximately $140 billion in four hours during the selloff.
- Ethereum declined below $2,300 and Solana fell under $90 as altcoins tracked the broader market decline.
- Bitcoin closed Thursday above its 50-week moving average despite a 5.8% drop, according to Galaxy Research's Alex Thorn.
Sources · 10 sources
- CB
Crypto BriefingArticle ·
Crypto market sheds $140 billion in four hours The recurring rapid selloffs highlight the crypto market's vulnerability to leverage, amplifying volatility and investor risk. The post Crypto market sheds $140 billion in four hours appeared first on Crypto Briefing .
Open source - CO
CoinDesk@CoinDeskPost on X ·
MARKETS: $BTC drops 5% from $80K to below $76K as AI stocks collapse on Democratic midterm wins, triggering $370M+ in long liquidations in under an hour as the Nasdaq tumbles 3.9% and fears grow over data center restrictions. https://t.co/WrrjN86tKW
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 UPDATE: Bitcoin closed Thursday above its 50-week average despite a 5.8% drop amid wild market swings, per Galaxy’s Alex Thorn. https://t.co/UhFPy08Ig4
Open source - CO
CoinDesk@CoinDeskPost on X ·
MARKETS: Bitcion under $76,000 as stocks close out worst day since April 2025.
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
🚨JUST IN: $BTC drops below $76,000 and $SOL falls below $90 as $550 million in crypto long positions are liquidated over the past 60 minutes. https://t.co/cd5qOXmCZi
Open source - BL
Bloomberg@businessPost on X ·
Bitcoin tumbled to a seven-week low as a rout in technology shares spilled into risky assets, hurting sentiment in digital assets already under pressure from industry-specific woes. https://t.co/nxKtHYJYUS
Open source - DE
Decrypt@DecryptMediaPost on X ·
Bitcoin Trades Near $75,500 Overnight as Ethereum and Solana Decline. Bitcoin traded at $75,527, down 6% over 24 hours, while Ethereum fell 7.91% to $2,225.21 and Solana declined 6.49% to $89.54. https://t.co/mAgaf5LSe8
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 REKT: The Total Crypto Market Cap lost $140 billion in just 4 hours. https://t.co/3BL4BkR8v7
Open source - UN
UnchainedArticle ·
Bitcoin Slides to a Seven-Week Low Near $75,200 as AI Stocks Drag Wall Street Lower Bitcoin fell about 5.9% in the 24 hours to 3 a.m. ET Friday, sliding from about $80,360 to $75,620 on Binance as a selloff in artificial intelligence and chip stocks swept U.S. markets on Thursday. The drop erased the post-midterm rally that lifted bitcoin above $81,000 on Wednesday. Most of it came between 9 a.m. and 11 a.m. ET Thursday, around the U.S. stock market open, when the price fell from about $79,700 to $75,568. Bitcoin fell as low as $75,208 late Thursday, its lowest price since Sept. 16, according to Binance trading data. That makes it a seven-week low . Alex Thorn, head of firmwide research at Galaxy, argued last week that bitcoin’s holder base had little exposure to the AI trade. “None of the people freaking out about AI own Bitcoin,” Thorn said on Unchained on Oct. 29, adding that “it’s not in their inventory to sell” because those investors had already left the trade. Thorn, who on the show called continued weekly closes above the 50-week moving average “the clearest tripwire” for whether bitcoin has bottomed, wrote on X late Thursday that it was “great to see thursday close above the 50 week moving average” after a volatile session. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Chip Stocks Lead the Selloff The Nasdaq Composite closed down 5.52% on Thursday and the S&P 500 fell 4.36%, both their worst sessions since April 2025. The Nasdaq 100 dropped 6.36%, the Philadelphia Semiconductor Index lost 12.25% and Nvidia fell 9.26%. Coinbase and Strategy each closed down more than 9%. Bitcoin’s decline was smaller than the Nasdaq 100’s. Trader Alex Krüger wrote on X that Thursday marked “the second time in history the Nasdaq fell more than 5% and Bitcoin fell less than the Nasdaq,” after March 16, 2020. Carlos Guzman, vice president of research at GSR, said Tuesday’s midterm elections appeared to have set off the selloff and that leverage made it worse. Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told Reuters she suspected the AI buildout would face some scrutiny. The Kobeissi Letter, a market commentary newsletter, posted that markets “had already largely priced in the outcome” of the election and called the downturn “more technical than fundamental,” pointing to excessive leverage. Liquidations and Levels to Watch CoinGlass data showed $1.26 billion in liquidations across crypto derivatives venues in the 24 hours to about 7:43 a.m. UTC Friday, 88.6% of it from long positions. Bitcoin accounted for $331.64 million. The Crypto Fear & Greed Index, published by Alternative.me, fell to 28, or “Fear,” on Friday from 50 a day earlier. Jasper De Maere, an OTC trader at Wintermute, pointed to $73,000 and then $68,000 as downside levels, and said bitcoin would need to reclaim and hold $80,000 to show strength. Related Listen: How the 50-Week Moving Average Signals Bitcoin’s Bear Market Is Over The post Bitcoin Slides to a Seven-Week Low Near $75,200 as AI Stocks Drag Wall Street Lower appeared first on Unchained .
Open source - CR
Crypto Rover@cryptoroverPost on X ·
🚨 THE ENTIRE CRYPTO PUMP AFTER DEMOCRATS WON HAS BEEN WIPED OUT. Bitcoin surged above $81,000 before crashing back to $76,500, losing nearly $5,000. Ethereum jumped above $2,440 before dumping to $2,280, losing over $160. Both have completely erased their recent gains in just a few candles. The classic Bullish Khalifa pattern strikes again.
Open source - TK
The Kobeissi Letter@KobeissiLetterPost on X ·
BREAKING: Bitcoin falls below $77,000 and ETH falls below $2,300 as $370 million worth of levered positions are liquidated in 60 minutes. https://t.co/vYsLLjWKcL
Open source - LS
Laura Shin@laurashinPost on X ·
Traders saw $1.26 billion in liquidations across crypto derivatives venues over 24 hours as bitcoin dropped about 5.9%, according to CoinGlass, with longs making up 88.6% of the total. https://t.co/hODREH27a2
Open source