Bitcoin slips below $76,000 as tech selloff erases $1 billion in crypto longs

What happened

Bitcoin traded below $76,000 on Nov. 5, giving up 5.8% over 24 hours to reach $75,954, according to CoinGecko figures cited by crypto.news. The move lower followed a recovery above $80,000 earlier in the week and pulled the largest cryptocurrency back toward the lows it set during election week. Coinpedia reported that Binance data showed bitcoin touching $75,568 at its weakest point of the session.

The decline was broader than bitcoin. Ethereum lost 7.5% to $2,251 and Solana dropped 7.9% to $89.16, while XRP fell 6.1% to $1.23, BNB slipped 3.9% to $691.42 and TRON eased 1.1% to $0.3167. Zcash declined 5.3% to $1,242.29. The total crypto market capitalization contracted 4.6% to roughly $2.66 trillion. Among the ten largest assets, Figure Heloc was the notable exception, gaining 1.6%, while the stablecoins USDT and USDC held close to their dollar pegs.

Leveraged traders betting on higher prices absorbed most of the losses. CoinGlass data cited in both reports put 24-hour liquidations at $1.08 billion, of which $954.38 million came from longs and $127.30 million from shorts, spread across 210,326 traders. The closures were heavily concentrated: $896.18 million was liquidated in the final four hours, including $817.35 million in longs, and the 12-hour total reached $982.43 million.

The pressure originated in equities. Crypto.news reported that the Nasdaq Composite fell 4.7% and the S&P 500 lost 3.5% during Thursday's session, with Nvidia down 7.5%, AMD down 14.6% and CoreWeave down 12.1% as investors weighed financing costs and uncertainty around data center development. Coinpedia, citing intraday figures, put the Nasdaq decline at about 5.1%, the S&P 500 at 3.4% and the Dow at 2.4%.

Why it matters

The episode illustrates how tightly crypto has been trading alongside US technology shares, with the Nasdaq acting as the immediate driver for digital-asset prices. It also shows how much of the recent upside was carried by borrowed money: with nearly nine in ten liquidated dollars coming from long positions, the drop was amplified by forced selling rather than by a broad shift in spot holdings. Crypto-related equities suffered more than the tokens themselves in several cases, with Coinbase down 10.56% at $135.50, Strategy down 10.12% at $128.11, Robinhood down 11.81% at $77.09 and Circle down 11.92% at $67.05. Mining and data center names fared worse still, as IREN fell 16.17%, Cipher Digital 15.08%, CleanSpark 15.07%, TeraWulf 14.19% and MARA Holdings 13.03%, while Riot Platforms slipped 5.14% to $14.58 after trading as low as $12.97. Gold's advance over the same session underlined where some capital went instead.

What the data shows

Bitcoin positions accounted for $280.65 million of liquidations, 89.4% of them longs, according to CoinGlass. Ethereum followed at $174.86 million, with 82% involving bullish bets, and Solana at $37.62 million. The single largest liquidation was a $10.94 million ETHUSDT long on Binance, an exchange that accounted for 46.7% of the reported total. On the flow side, crypto.news noted that US spot bitcoin ETFs had drawn $74.6 million on Nov. 4 after three straight sessions of outflows, with Fidelity's FBTC taking in $236.7 million while BlackRock's IBIT recorded $201.2 million in withdrawals. Spot gold traded at $4,095.49 an ounce, up 0.9% after touching $4,146.63 earlier, while silver was at $52.16 an ounce, down 0.2%.

Background

The reversal came one day after a rally tied to US midterm election results. Coinpedia noted that the Dow had gained more than 1,500 points the previous day, its best session since April 2025, before the mood turned and the S&P 500 surrendered its post-election advance within the first hours of Thursday's trading. Coinpedia attributed the shift to concern that a Democratic-controlled Congress could mean tighter rules for the artificial intelligence industry, and reported that Democrats are also expected to pursue investigations into the Trump family's business dealings, including crypto ventures. The outlet also pointed to reports that the US military is preparing for a possible return to major combat in Iran as an added risk-off factor. Before the drop, bitcoin's daily chart had placed its lower Bollinger Band at $76,059, near the week's $75,736 low, with the 20-day moving average at $80,139 and resistance around $81,000 to $82,000.

What to watch

Both reports point to the $75,000 to $76,000 band as the level to monitor. Coinpedia said a clear break below that zone could open the way to a deeper slide, while holding it would give buyers a base for recovery. Crypto.news noted that the retreat below $76,000 returned bitcoin to the area of its lower Bollinger Band. With crypto currently moving in step with technology shares, the next signal may come from the Nasdaq, along with whether ETF flows resume or reverse.

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