Bitcoin falls below $76,000 as US stocks give up midterm election gains

Key points

• BTC/USD fell to $75,463 on Bitstamp, down more than 6% and its lowest level since 16 Sept
• The Nasdaq Composite lost 4.2% and the S&P 500 fell 2.7% as traders rotated out of tech
• Crypto liquidations neared $500m in the first hour of US trading, with 24-hour totals close to $850m, per CoinGlass

Bitcoin fell below $76,000 on 5 November as a sharp sell-off in US stocks erased the gains risk assets had made after the midterm elections. Cointelegraph reports that BTC/USD dropped more than 6% to $75,463 on Bitstamp, its weakest level since 16 Sept. The move came at the Wall Street open, when equities reversed course after rallying on a Democrat sweep of the House of Representatives and Senate.

The tech-heavy Nasdaq Composite Index fell 4.2% to its lowest since 29 July, while the S&P 500 lost 2.7% as traders rotated out of technology shares.

The Bitcoin price slide put pressure on the 50-week simple moving average at $75,733, a level the pair briefly broke below. Crypto markets liquidated nearly $500m of positioning in the first hour of US trading, according to CoinGlass, with 24-hour liquidations approaching $850m. Trader Rekt Capital compared the price action to May, when rangebound trading around $80,000 gave way to a breakdown and macro lows of $57,000 in late June.

Read the full story on Cointelegraph →