Crypto · $BTC/USD
Bitcoin Falls to About $75,800 as Nasdaq Rout Triggers More Than $1 Billion in Crypto Liquidations
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Ether, crypto-linked stocks and bitcoin miners fell harder as the AI-chip selloff spilled into digital assets, with CoinDesk calling it the biggest wipeout since late October.
By Noris Ortiz ·
Bitcoin slid through several support levels on Thursday morning as a rout in US technology shares spread to digital assets, erasing the stability the token had shown after Tuesday's midterm elections. CoinDesk's live market coverage showed the largest cryptocurrency falling from about $79,600 early in the morning to near $75,800 by 10:36 a.m. ET, a decline of 5.2% over 24 hours [1].
The slide came in stages. Bitcoin was holding near $80,000 overnight and was at $79,600 at 7:28 a.m. ET. By 9:05 a.m. it had dropped below $79,000, down roughly 2% in 90 minutes, and at 9:42 a.m. it traded at $77,450. Ether fell faster than bitcoin, down 5% at 9:42 a.m. and 7% to about $2,250 by 10:36 a.m., CoinDesk reported [1].
The trigger was equities. The Associated Press reported that the Nasdaq was down 3.6% at 10:10 a.m. ET, with AI-chip stocks hit hard as investors worried that a Democratic-controlled Congress could slow data-center construction and that borrowing costs for those buildouts remain high [2]. CoinDesk noted that gold rose 1.1% to $4,116 an ounce at 10:24 a.m. ET while bitcoin fell alongside tech stocks [1].
Crypto-linked equities fell sharply. As of 10:07 a.m. ET, CoinDesk said Robinhood and Circle were each down about 10%, Strategy was down 8.3%, Coinbase 7.8% and Bullish 7.7%. Bitcoin miners that have pivoted toward AI data-center work, including Cipher Mining, IREN and TeraWulf, fell between 13% and 17%, reflecting their exposure to the same AI-infrastructure trade that is under pressure [1].
Leverage added to the damage. By 11:43 a.m. ET, more than $1 billion in crypto derivatives positions had been liquidated over 24 hours, mostly long bets, and open interest had fallen below $26 billion from $28 billion, CoinDesk said. It described the wipeout as the worst since October 28 and 29, when bitcoin dropped from near $82,000 to $76,000. Bitcoin's implied volatility index, BVIV, rose 11% to 44, a level the outlet said remained within recent ranges [1].
CoinDesk also pointed to market chatter about stress at hedge funds, including a report that Walleye was returning capital to investors and talk about Engineers Gate, though these were rumors and not confirmed in the coverage [1]. It further noted that, according to CME FedWatch, the probability of a Federal Reserve rate hike in December had fallen to 69% from 95% in late September as traders hedged [1].
The moves show how closely digital assets tracked technology shares on the day: bitcoin lost roughly $4,000 within hours without any crypto-specific news.
For the rest of the session, traders will be watching whether the Nasdaq stabilizes, because bitcoin has been following its direction. Other points to watch include the level of open interest as leveraged positions are reset, whether bitcoin holds near the roughly $76,000 level where the late-October slide ended, and how rate-hike expectations for the Fed's December meeting evolve.
Sources:
[1] CoinDesk, "Live updates: Bitcoin plunges as Nasdaq falls 4% in panicky selloff", November 5, 2026. https://www.coindesk.com/business/2026/11/05/live-updates-bitcoin-steady-around-usd80-000-as-markets-rally-after-democratic-sweep
[2] The Associated Press (via Dayton Daily News), "A wipeout for AI stocks sends Wall Street reeling, and the S&P 500 tumbles more than 3%", November 5, 2026. https://www.daytondailynews.com/nation-world/more-drops-for-nvidia-and-other-ai-chip-stocks-erase-wall-streets-rally-from-the/article_3e7a30c6-65f2-502d-8196-1c4fb4317c85.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.