Bitcoin hits 11-week low as crypto liquidations pass $1bn, Decrypt reports

Key points

• CoinGlass data shows $1.05bn in liquidations over 24 hours, with $930m, or 88.2%, from long positions.
• Bitcoin touched $74,780.91, its lowest intraday level since 21 August, and traded near $75,570 on 6 November.
• The Fear and Greed Index sits at 28 out of 100, down from neutral a week earlier, before the midterm elections.

Bitcoin hit an 11-week low on 6 November as a broad crypto selloff triggered more than $1bn in forced position closures, Decrypt reports. The largest cryptocurrency fell to $74,780.91, its weakest intraday price since 21 August, and was trading near $75,570 later in the session.

CoinGlass data cited by the outlet put crypto liquidations at $1.05bn over the preceding 24 hours. Long positions accounted for $930m, or 88.2% of the total, against $125m in shorts. Bitcoin made up $267m of that figure, with 88.9% from longs, while Ethereum accounted for $167m, 81.1% of it long.

The retreat followed a sharp selloff in AI-related stocks. The Nasdaq Composite lost 5.52% on 5 November, its worst session in 19 months, and the Philadelphia semiconductor index fell more than 12%, with Nvidia down over 9%. Democratic wins in Tuesday's midterm elections raised concerns about tougher AI regulation, and the S&P 500 shed 4.36%, wiping roughly $3tn in market value.

A stronger-than-expected US October jobs report also lifted expectations of another Federal Reserve rate rise in December. On the charts, Bitcoin trades below both its 50-day exponential moving average near $79,756 and its 200-day average around $76,497, while the Relative Strength Index reads 37.7.

What to watch: Bitcoin's daily candle for Friday is still open, with the $74,780.91 intraday low the immediate level to defend.

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