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Bitcoin tests multi-week lows near $75K as crypto liquidations top $1 billion
Summary
Bitcoin fell 5% to 6% on Thursday, giving back Wednesday's post-midterm rebound above $80,000 as a selloff in chip and AI stocks spread into crypto, Cointelegraph, Decrypt and Bitcoin Magazine reported.
Cointelegraph said BTC hit $75,463 on Bitstamp, its lowest since Sept. 16, and briefly dipped below its 50-week moving average near $75,733; Decrypt put the drop at nearly 5% to about $76,500, and Bitcoin Magazine said it slid from above $80,800 to a low near $76,100.
Forced selling sped up the move: Decrypt said about $428 million in crypto longs were liquidated in one hour, Cointelegraph cited CoinGlass at nearly $500 million in the first hour of U.S. trading, and Bitcoin Magazine put it at roughly $370 million in about an hour.
The outlets tied the stock rout to worries that a Democratic-controlled Congress could curb the AI data-center buildout, with the Nasdaq down roughly 4% and Decrypt and Bitcoin Magazine citing a UBS estimate that pauses could threaten about 30% of planned 2028 U.S. data-center capacity additions.
Bitcoin Magazine said Friday's October jobs report, Nov. 10 CPI and the Fed's Dec. 9 decision are the next tests, with traders watching whether the $75,000 area holds.
Updates
- Update, : Update (Nov. 5, midday): Decrypt reported the S&P 500 sank 3.8% as AI stocks dragged Wall Street lower, putting circuit-breaker halts in focus; CoinDesk said crypto held up relatively better despite a $1 billion liquidation wave.
- Update, : Update (Nov. 5, afternoon): The Block reported bitcoin erased post-election gains as a Wall Street selloff triggered over $1 billion in crypto liquidations; Bitcoin Magazine said bitcoin traded near $76,000 as the Nasdaq tumbled into correction.
- Update, : Update (Nov. 6): Decrypt said bitcoin traded near $75,570 after an intraday low of $74,780.91 (weakest since Aug. 21) as CoinGlass showed about $1.05 billion in crypto liquidations over 24 hours (88.2% longs), including roughly $267 million in bitcoin and $167 million in ether; CoinDesk separately flagged more than $1 billion in bullish-bet liquidations alongside weak spot ETF support. Sentiment remains bearish for BTC on forced long unwinds into the AI/tech selloff.
- Update, : Update (Nov. 6 noon): CoinDesk (also cited on the ETF story) said bitcoin reclaimed $76,000 Friday after Thursday's break, while CoinGlass liquidations over 24 hours ran about $1.26 billion ($1.12 billion longs). Bitcoin Magazine said price held near $75,000 after a hotter-than-expected October jobs print (165,000 vs ~65,000 estimate in CoinDesk's jobs coverage). Cointelegraph separately said bitcoin dipped back under $75,000 as crypto lagged a tech-stock rebound—outlet price prints differ intraday.
Key facts
- Decrypt said Wednesday's rally was fueled partly by about $378 million in short liquidations in one hour, per CoinGlass, rather than a comparable influx of new buyers.
- Bitcoin Magazine said U.S. spot bitcoin ETFs took in a net $74.6 million on Wednesday, breaking a three-day run of outflows.
- Bitcoin Magazine cited Reuters that initial jobless claims fell to 189,000 last week versus 196,000 expected, giving the Fed little reason to ease.
- Cointelegraph said 24-hour crypto liquidations neared $850 million at the time of writing and that WTI crude returned above $90 a barrel.
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