Bitcoin plunges below $76,000 as daily liquidations top $1 billion
Bitcoin lost more than 5% of its value in 24 hours, falling toward $76,000 amid a massive sell-off in U.S. technology stocks. Liquidations across the cryptocurrency market exceeded $1 billion over the past day, with nearly 90% involving long positions.
According to TradingView, BTC fell to $75,982 on Binance on November 5 after failing to hold above $80,000. At the time of writing, the cryptocurrency was trading around $76,000, down 5.57% over 24 hours.
BTC/USDT price performance on Binance. Source: TradingView.
The sell-off coincided with a sharp decline in U.S. stock indexes. The Nasdaq lost nearly 4%, while the S&P 500 fell more than 2% as shares of chipmakers and artificial intelligence-related companies plunged.
Crypto market liquidations reach $1.03 billion
According to CoinGlass, 199,162 traders had their positions forcibly closed over the past 24 hours, with total liquidations reaching $1.03 billion. Long positions accounted for $923.52 million, while short positions represented $110.85 million.
Over the past four hours, liquidations totaled approximately $870 million, including $812 million in long positions. In just one hour, traders lost nearly $536 million.
Cryptocurrency market liquidations. Source: CoinGlass.
The largest liquidations over the four-hour period occurred on Binance at $417.36 million, Hyperliquid at $185.88 million, and OKX at $66.63 million.
Among individual assets, Bitcoin led with $240.23 million in liquidations, followed by Ethereum at $144.92 million. The largest single liquidation over the past 24 hours occurred on Binance in the ETH/USDT trading pair and totaled $10.94 million.
Tech stock rout adds pressure on Bitcoin
In the U.S. stock market, the technology sector suffered the heaviest losses. Nvidia shares fell 8%, Coinbase dropped 7.8%, Robinhood and Circle declined approximately 10%, and Strategy lost 8.3%.
Mining companies developing AI infrastructure were hit even harder. Shares of Cipher Mining, Bitdeer, IREN, and TeraWulf fell more than 13%, while the iShares Semiconductor ETF declined 7.35%.
Meanwhile, investors shifted toward safe-haven assets. Gold rose 1.1% to $4,116 per ounce, while the yield on 10-year U.S. Treasury bonds fell three basis points to 4.86%.
Earlier on November 5, BTC attempted to recover toward $81,000 after declining in the wake of the U.S. midterm elections. However, the cryptocurrency failed to hold above $80,500, while continued outflows from spot Bitcoin ETFs heightened concerns about the market's future direction.
In the previous trading session, U.S. stocks rallied after Democrats won the congressional elections. The S&P 500 gained approximately 1.6%, while lower oil prices and bond yields supported investor appetite for risk assets.
Earlier, we reported that Trump Media transferred 4,259 BTC worth approximately $343.67 million to Crypto.com as its shares fell to a record low. The cryptocurrency transfer closely matched the amount pledged as collateral for the company's $1 billion in convertible notes.
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