Bitcoin falls over 5% below $76,000 as US tech sell‑off triggers massive crypto liquidations
On November 5, 2024 Bitcoin dropped from about $78,800 to roughly $75,900, a decline of more than 5% in a single trading session. The slide coincided with a sharp sell‑off in U.S. technology and AI stocks, which pushed the Nasdaq down about 4‑5% and sparked forced liquidations across crypto derivatives. Analysts said the move erased the post‑midterm election rally and sent the total crypto market capitalisation down by roughly 5‑6%.
Why it matters
The liquidation wave wiped out between $560 million and over $1 billion of leveraged long positions, exposing traders to large losses (the block cites $560 million in one hour and $1.09 billion over 24 hours). The market‑wide drop also reduced the total crypto market value by about $370 billion, tightening liquidity for investors holding Bitcoin and related assets.
Key facts
- 1Bitcoin fell from $78,767 to $75,986 within one hour on Thursday afternoon. cryptoticker.io
- 2The 24‑hour decline was 5.3%. cryptoticker.io
- 3The Nasdaq Composite fell roughly 4%. cryptoticker.io
- 4Total crypto market capitalisation dropped 6.0% to about $2.58 trillion. cryptoticker.io
- 5Long‑side crypto liquidations exceeded $560 million in the hour of the drop. cryptoticker.io
- 6Other reports cite $1.09 billion liquidated over 24 hours, affecting about 211,000 traders. theblock.co
Open questions
- Liquidation amounts differ: $560 million in one hour versus $1.09 billion over 24 hours.
Summary written by AlphAI AI Desk from 20 of 36 sources. Not investment advice. Figures are as stated by the linked sources.