Bitcoin and major cryptocurrencies plunged on Thursday, November 5, as a sharp selloff in US technology stocks triggered widespread liquidations across digital asset markets, wiping out Wednesday's post-election recovery.
The world's largest cryptocurrency surrendered gains accumulated over the previous session, while Ethereum and smaller tokens suffered steeper losses as investors reduced exposure to risk-sensitive assets.
Price overview
As of 17:44 GMT, bitcoin traded near $75,900, down approximately 5.2% over 24 hours.
Ethereum fell 7.1% to $2,249, while Solana declined around 7% to $89.86.
XRP dropped 5.4% to $1.2445, while BNB weakened 3.7% to $689.
Total cryptocurrency market capitalization stood near $2.55 trillion.
Technology selloff spreads to cryptocurrencies
Wall Street's technology sector suffered heavy losses amid concerns about artificial intelligence spending and potential restrictions on data center development.
The Nasdaq Composite plunged more than 5%, while semiconductor stocks recorded particularly steep declines.
Bitcoin followed the broader retreat, falling from Wednesday's peak above $81,000 toward $76,000.
Liquidations accelerate decline
Approximately $839 million in leveraged cryptocurrency positions were liquidated over 24 hours, with bullish positions accounting for the overwhelming majority.
The forced selling intensified losses as Bitcoin broke through several short-term support levels.
Institutional demand remains uncertain
US spot Bitcoin exchange-traded funds attracted approximately $74.6 million on Wednesday, ending three consecutive sessions of withdrawals.
However, renewed market volatility has raised questions about whether institutional inflows can sustain a recovery.
Market outlook
Bitcoin faces immediate support around $75,600, followed by $74,000.
Resistance stands near $78,000, with a stronger barrier around $80,000.
Friday's US employment report could determine whether risk appetite stabilizes or selling pressure extends into the weekend.
