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FIGR_HELOC $1.03 Markets · News brief
Bitcoin drops below $75,000 as AI stock selloff goes global
A technology-led equity slump and a stronger-than-expected US payrolls report pushed bitcoin to its lowest level since late August.
Key takeaways
- Trigger. Reports that Democratic lawmakers planned to target AI companies and data center operators reversed a post-election rally and hit chip stocks hardest.
- Jobs surprise. The US economy added 165,000 jobs against a 64,000 consensus estimate, according to Bitcoin.com News, arriving as bitcoin tested support.
- Cooling liquidations. Bitcoin liquidations totaled $125 million, with longs at about $105 million, while broader crypto liquidations fell to $470 million from more than $1 billion a day earlier.
What happened
Bitcoin slipped below $75,000 on Friday for the first time since Aug. 21, according to Bitcoin.com News, as a selloff in US technology shares spread across global markets. The price reached $74,762 at roughly 8:25 a.m. EST after a third unsuccessful attempt to hold above $76,000, then recovered to trade just under $75,700 by 11:48 a.m. EST, down almost 1.5% over the previous day.
The move followed reports that Democratic lawmakers intended to target artificial intelligence companies, particularly data center operators, over voter concerns about the sector. That news undid a rally that had followed the US midterm elections and fed through to Asian markets by early Friday, with sharp declines in South Korea, Japan and Taiwan. Coinspeaker reported that Thursday's chip-stock selloff had already dragged bitcoin from $80,918 to $75,208, a 5.1% drop over 24 hours.
Fresh US labor data added to the pressure. Bitcoin.com News reported that the economy added 165,000 jobs, well above the 64,000 consensus estimate. Coinspeaker noted that bitcoin entered the 8:30 a.m. ET release below its 200-day average for the first time since Aug. 19, a level it had held on every daily close since its August breakout.
First $83.3KLatest $75.9K-8.8% over the period
Points are daily observations, not closing prices.
Questions readers ask
How low did bitcoin go on Friday?
Bitcoin.com News reported a low of $74,762 shortly after 8:25 a.m. EST, its weakest level since Aug. 21, before recovering to just under $75,700 by late morning in New York.
What started the selloff?
Reports that Democratic lawmakers planned to target AI companies and data center operators prompted investors to cut exposure to technology and chip stocks, a move that carried into Asian markets and cryptocurrency.
Did liquidations increase?
No. Coinglass data cited by Bitcoin.com News showed bitcoin liquidations of $125 million and total crypto liquidations of $470 million, down from more than $1 billion a day earlier.
