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Bitcoin plunged below USD 76,000, triggering widespread cryptocurrency losses as investors retreated from riskier assets. The sell-off erased approximately USD 140 billion from the digital asset market within four hours, while leveraged traders suffered more than USD 1 billion in liquidations.
Market figures suggest that Bitcoin traded between USD 80,874 and USD 75,525 during Thursday's session, reversing its November 4 recovery above USD 80,000. The cryptocurrency subsequently hovered around USD 76,075, representing an intraday decline exceeding 5.6%. Total cryptocurrency market capitalization slipped to approximately USD 2.56 trillion as major altcoins followed Bitcoin lower.
Gold advocate Peter Schiff criticized the cryptocurrency's valuation, writing, “The biggest difference between the two is that while AI has actual value, Bitcoin has none.” His comments reflected bearish sentiment rather than an established assessment of Bitcoin's utility.
CoinGlass data suggests cryptocurrency derivatives exchanges liquidated USD 1.25 billion in leveraged positions over 24 hours, affecting 240,260 traders. Long positions represented approximately USD 1.11 billion, or 88.8% of the total, compared with USD 142.66 million in short liquidations.
During the sharpest four-hour period, liquidations reached USD 872.48 million, including USD 793 million in long positions. Binance recorded the largest individual liquidation: an ETH/USDT long worth approximately USD 10.94 million. The episode underscores how leverage can amplify losses during abrupt changes in sentiment.
The NASDAQ Composite weakened as investors questioned heavy artificial intelligence (AI) spending, pressuring semiconductor companies including NVIDIA, AMD, and Qualcomm.
A Bitfinex Alpha report placed Bitcoin's 30-day correlation with the NASDAQ 100 at 0.68, indicating considerable recent co-movement between cryptocurrency and technology equities. Uncertainty surrounding Federal Reserve policy and the US midterm election outcome also weighed on sentiment.
Traders are watching support around USD 75,500, near Thursday's intraday low. A sustained breakdown could intensify selling, particularly if US technology shares remain weak.
Conversely, stabilization in equities and renewed demand could support a recovery toward USD 80,000. Upcoming Federal Reserve communications and the weekly market close may influence near-term direction.
Also Read: Crypto Prices Today: Bitcoin Slips to USD 75,500 as Tech Selloff Erases Midterm Gains