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Bitcoin Price Crashes Over 5% to $75,000 as Tech Rout Wipes Out Leveraged Longs
Bitcoin price fell from above $80,800 to near $76,600 on Thursday morning as a Nasdaq selloff in chip and AI stocks spilled into crypto.
Dextape brief
Bitcoin slid from above $80,800 to about $76,000 on Thursday morning, a drop of roughly 5%, according to Bitcoin Magazine Pro figures. A tech-stock selloff spread into crypto, hitting leveraged traders who were betting on gains. Bitcoin touched about $76,100 after the U.S. market opened, its lowest since the week began. The Nasdaq Composite fell as much as 3.9% and entered a correction, CNBC reported, while the S&P 500 dropped about 2%. Roughly $370 million in leveraged crypto positions, mostly long bets, were liquidated within an hour. Traders are weighing a possible Democratic-controlled Congress and limits on data center construction. Friday's jobs report, October CPI on Nov. 10 and the Fed's Dec. 9 decision come next, with traders watching whether bitcoin holds $75,000.
Why it matters: It shows bitcoin's close tracking of AI-heavy tech stocks this year, so equity and political shifts can quickly reach crypto markets.
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