Crypto Market Today, Nov. 5: Bitcoin Erases Post-Election Rally as Wall Street Suffers Worst Day in 18 Months

Cryptocurrency markets suffered steep losses on Thursday as a broad sell-off across Wall Street spilled into digital assets, triggering renewed selling pressure. Bitcoin (BTC -5.53%) dropped 5.65% to $75,880.60, while Ethereum (ETH -7.69%) tumbled 7.80% to $2,233.79. Solana (SOL -5.46%) declined 6.22% to $89.55, as investors retreated from riskier assets and erased much of Wednesday's post-election recovery.

What's driving crypto markets

Thursday's cryptocurrency sell-off was driven by a sharp deterioration in risk appetite across global financial markets. U.S. technology stocks led Wall Street lower as investors grew increasingly concerned about elevated valuations and the sustainability of massive artificial intelligence infrastructure investments. The Nasdaq (^IXIC -5.52%) saw a 5.5% decline which intensified selling across speculative assets, with cryptocurrencies particularly vulnerable to the sudden shift in sentiment.

Meanwhile, leveraged trading amplified the downturn. As Bitcoin and other cryptocurrencies declined, liquidations created additional selling pressure, accelerating losses across the market. The reversal was especially striking given Wednesday's brief recovery, illustrating how quickly market momentum can shift when financial conditions tighten and investors reduce exposure to higher-risk assets.

Crypto ETF snapshot

Spot Bitcoin ETFs have also faced considerable selling pressure, recording more than $1.1 billion in net outflows over three consecutive trading sessions before posting a modest inflow on Wednesday. Thursday's broader market sell-off raises concerns that institutional withdrawals could resume.

Of the key funds, iShares Bitcoin Trust ETF (NASDAQ: IBIT) fell 5.07%, Fidelity Wise Origin Bitcoin Fund (NYSEMKT: FBTC) fell 4.93%, and iShares Ethereum Trust ETF (NASDAQ: ETHA) fell 7.25% as crypto ETF pricing tracked the broad decline in the underlying coins.

What this means for investors

Zooming in, Bitcoin's ability to defend the $75,000 to $76,000 region is becoming increasingly important. Bulls will want to see this level held or Bitcoin risks a deeper correction. The broader altcoin market faces a similar test. Ethereum, XRP (CRYPTO: XRP), and Solana have surrendered much of their earlier gains, leaving investors watching whether key support levels can hold.

The outlook for cryptocurrencies will depend heavily on developments in traditional markets. If selling pressure across technology and AI stocks persists, digital assets may struggle to establish a meaningful recovery. One key signal to watch is whether Bitcoin and the broader crypto market can hold support even as the Nasdaq and semiconductor stocks continue to weaken.

Until that divergence develops, or the sell off in tech and AI tapers off, investors should remain cautious about interpreting short-lived rebounds as evidence of a sustained recovery.

Top 10 crypto performance

Ranked by market cap. Price and 24-hour change for BTC, ETH and SOL: FMP, the same figures used in the text above. All other figures: CoinGecko, as of November 05, 2026 21:17 UTC.