TL;DR:
The total market capitalization of the crypto sector lost approximately $140 billion in four hours.
Derivative platforms recorded the liquidation of $1.053 billion in leveraged positions within 24 hours.
The price of Bitcoin falls below $76,000 , marking an intraday low of $75,525.
This Thursday, the price of Bitcoin plummeted, falling below $76,000 . This bearish move dragged down major altcoins and erased more than $140 billion from the global market capitalization in just a few hours.
While all the attention is focused on the deflating AI bubble, no one is talking about the Bitcoin bubble. The biggest difference between the two is that while AI has actual value, Bitcoin has none. The midterms supplied the final pin. Sell now before the air comes gushing out.
— Peter Schiff (@PeterSchiff) November 5, 2026
The brief rally of Wednesday, November 4, was erased, a day on which the pioneer cryptocurrency had broken through the $80,000 barrier . However, during Thursday’s session, the trading pair fluctuated between a high of $80,874 and a low of $75,525, according to market metrics from Anadolu Agency. At the time of writing, the price of Bitcoin hovered around $76,075.
The drop represented an intraday contraction of over 5.6%. This move brought the total digital asset market capitalization back down to $2.56 trillion.
Massive liquidations and correlation with the tech sector
Data compiled by the CoinGlass platform indicates that total liquidations surpassed $1.053 billion during the session . A total of 203,418 traders faced forced closures of their positions.
Long positions accounted for 88% of the recorded losses, totaling $926.81 million, compared to $126.60 million in short positions. The largest single liquidation occurred on the Binance platform, where a long position in the ETH/USDT pai r was closed for an estimated value of $10.94 million.
The downward movement coincided with a negative trading session in the U.S. stock markets. According to Reuters reports, the Nasdaq Composite index fell sharply toward correction territory due to declines in semiconductor stocks such as Nvidia, AMD, and Qualcomm.
A technical report from Bitfinex Alpha notes that the 30-day correlation between Bitcoin and the Nasdaq 100 recently stood at 0.68 . This figure suggests that digital assets have reacted in tandem with fluctuations in mega-cap technology firms.
On the other hand, market analysts point to macroeconomic caution surrounding interest rate decisions by the Federal Reserve . Added to this is the lingering fallout from the security incident reported in late October at Binance , which involved the unauthorized withdrawal of assets valued at nearly $6.3 billion.
In the derivatives market, exchange analysts note that if Bitcoin fails to consolidate its immediate support above $75,500 and weakness persists on Wall Street , selling volume could push prices toward lower ranges. Conversely, a rebound in traditional stock indexes could support price stabilization over upcoming sessions.
The next milestone for market participants will be the release of the Federal Reserve’s monetary policy minutes and the weekly stock market close.
