Bitcoin Falls Below $76,000 as Nasdaq Tumbles 4%, Crypto Liquidations Top $1B
Author: Crypffalo Research · 00:55 06/11/2026
Bitcoin dropped more than 6% to around $75,463, its lowest since mid-September, as AI chip stocks sold off and over $1 billion in crypto positions were liquidated in 24 hours.
Bitcoin dropped more than 6% during U.S. trading on Nov 5, touching roughly $75,463 on Bitstamp, its lowest level since mid-September. Just hours earlier, BTC had been trading above $80,800 after a post-midterm rebound.
The slide came alongside a sharp selloff in tech and AI chip stocks that sent the Nasdaq down more than 4% at one point. According to CoinGlass, crypto liquidations over 24 hours topped $1 billion, mostly long positions.
Key takeaways
- BTC price: Fell from above $80,800 to a low near $75,463, the lowest since Sept 16, per Cointelegraph.
- Ether: ETH broke below $2,300 and traded around $2,250–$2,270, down about 7%.
- Liquidations: More than $1 billion over 24 hours, with nearly $500 million in the first hour of the U.S. session.
- Equities: The Nasdaq lost over 4%, the S&P 500 fell about 2.7%, and AI chip names were hit hard.
- Main driver: Fears that a Democratic-controlled Congress could curb the AI data center buildout.
How Thursday's selloff unfolded
Selling pressure hit tech almost as soon as U.S. markets opened at 9:30 a.m. ET. Bitcoin slipped to around $76,100 shortly after the open, then extended losses toward $75,500 by late morning in New York.
Timeline (ET):
- Overnight: BTC held near $80,000, briefly topping $80,800 on a short squeeze.
- Around 9:40 a.m.: The Nasdaq fell more than 2% at the open and BTC dropped below $79,000.
- Around 11:00 a.m.: BTC broke $76,000 as the Nasdaq slid more than 4%.
- Around 11:45 a.m.: BTC hit an intraday low near $75,463 on Bitstamp.
CoinDesk reported that the Nasdaq was down nearly 6% at one point before trimming losses. The index is now about 10% below last month's record close, putting it in correction territory.
Why AI chip stocks dragged crypto lower
Investors are repricing the outlook under a Democratic-controlled Congress following Tuesday's midterms. The key worry is new limits on building AI data centers.
UBS estimates that about 30% of U.S. data center capacity additions expected in 2028 could be at risk from construction pauses. The jitters spread to Asia as well, with South Korea's Kospi closing down more than 5%.
Among the hardest-hit stocks:
- AMD: down about 13%.
- Nvidia and Broadcom: down around 5%, with Nvidia off as much as 8% at one point.
- CoreWeave, Nebius, IREN: down between 9% and 13%.
Crypto got swept up because it continues to trade as a risk asset closely tied to tech. Many Bitcoin miners have also pivoted toward leasing AI infrastructure, leaving them exposed to the same policy risk. A rebound in oil, with Brent near $97 a barrel, added to the cautious mood.
Leverage gets flushed
Most of the liquidated positions were longs betting on a continued post-election recovery. Bitcoin Magazine noted that roughly $370 million in positions were wiped out in about an hour.
Coinalyze data cited by CoinDesk showed aggregate crypto open interest falling from about $28 billion to below $26 billion. That is the lowest since mid-September and points to a meaningful reduction in leverage.
Notably, spot Bitcoin ETFs had just returned to net inflows of $74.6 million on Nov 4, snapping a three-day outflow streak, according to Farside. Fidelity's FBTC led with about $236.7 million, while BlackRock's IBIT still saw roughly $201.2 million in outflows.
What it means for crypto markets
Bitcoin is now testing the $75,000–$75,700 zone, which includes the 50-week moving average near $75,733 and held as support on election night. Overhead, the $80,000–$82,000 range has turned into near-term resistance.
- Bull case: If the tech selloff eases and $75,000 holds, the reduced leverage could help prices stabilize and retest $80,000.
- Risk case: If the Nasdaq correction deepens and BTC closes below $75,000, the market could enter a longer leg lower, as analyst Rekt Capital warned when comparing the setup to May.
Bitcoin's correlation with tech stocks remains elevated. That means AI chip stocks over the next few sessions may matter as much as crypto-specific news.
What to watch next
- Nov 6: U.S. October jobs report (Nonfarm Payrolls).
- Nov 10: October CPI inflation data.
- Dec 9: Federal Reserve rate decision.
- Spot Bitcoin ETF flows for Nov 5 and the trajectory of AI chip stocks.
You can also follow our economic calendar and real-time liquidations.
Frequently Asked Questions
Why did Bitcoin fall on Nov 5?
Bitcoin dropped alongside a selloff in tech and AI chip stocks, as investors worried the new Congress could restrict data center buildouts. Heavy long liquidations amplified the move.
How much was liquidated in crypto?
According to CoinGlass, total liquidations over 24 hours exceeded $1 billion, mostly long positions.
Which price levels are traders watching?
Analysts are focused on support at $75,000–$75,700 and resistance at $80,000–$82,000.
*This content is for information only and is not financial advice.*
Tags: Bitcoin, Nasdaq, Liquidations, AI stocks
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