Bitcoin slid below $76,000 on Thursday, with the largest cryptocurrency touching roughly $75,989 and posting a daily loss of more than 5%, according to CoinMarketCap data.
The move lower rippled across the market. Ethereum fell to about $2,252, Solana traded near $90 and XRP slipped to $1.24. Hyperliquid's HYPE token lost more than 8% on the day.
Leveraged positions were hit hard. CoinGlass figures show about $1.03 billion in liquidations over the past 24 hours, of which $926 million were longs held by traders betting on higher prices. Roughly $589 million of that total was wiped out in the final hour alone, underscoring how fast the decline unfolded. About 199,000 traders had their positions closed, with the single largest liquidation a roughly $10.94 million ETH/USDT trade on Binance.
The sell-off came alongside broader market stress. Shares of AI and data center companies in the U.S. fell sharply, with the Nasdaq down more than 4%, as questions over financing for data center investment and possible construction restrictions after the elections weighed on technology stocks.
The weakness in equities fed directly into crypto sentiment. Crypto industry expert Benjamin Cowen warned that Bitcoin could face another major sell-off in the fourth quarter, pointing to softening stock markets, a hawkish Fed, escalating U.S.-China trade tensions and concerns about AI valuations that he said echo the 2018 bear market. He noted that the Nasdaq had erased its post-midterm gains, which he said raises similar concerns and risks further weakness into December.
Crypto trader KillaXBT pointed to Bitcoin's sharp rejection after retesting its previous break-of-structure level, a move that erased nearly all of the recent gains. In his view, a sustained move higher looks difficult from here.
Not every chart looked bearish. Crypto chart analyst Ali Martinez said XRP is showing bullish signals, citing exchange outflows, whale accumulation and a potential inverse head-and-shoulders pattern that could point to a breakout. A move above the $1.60 neckline would confirm the pattern and could open the door to $2.10, though he said the setup remains unconfirmed until that level is cleared.
