Bitcoin (BTC) fell about 5% to a low near $76,100 Thursday morning as a selloff in U.S. technology shares spread to crypto and forced traders out of leveraged bets.
BTC had climbed above $80,800 overnight, then lost more than $4,000 within roughly two hours of the U.S. stock market’s opening. About $370 million in leveraged crypto positions were liquidated in roughly an hour as Bitcoin broke below $77,000 and Ether (ETH) fell under $2,300. Most of the liquidations involved long positions, or bets that prices would rise.
The Nasdaq Composite fell as much as 3.9%, and the S&P 500 dropped about 2% as chip and AI shares led losses. South Korea’s Kospi closed down more than 5% earlier Thursday, with Samsung and SK hynix shares also falling.
Bitcoin’s decline erased its overnight rebound above $80,000. The $75,000 level remained a support area traders were watching after it held on election night and several times since August. Traders will next focus on Friday’s October jobs report.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
