Bitcoin has fallen back towards US$76,000 as a sharp sell-off in US technology stocks spilled into cryptocurrency markets and triggered more than US$1 billion in leveraged liquidations.
Bitcoin was trading around US$76,100, down roughly 5.6% over 24 hours, after touching a low near US$75,100.
Ethereum fell more than 7% to around US$2,240, while Solana dropped about 6% to US$90.
BNB was near US$694, XRP around US$1.22 and Dogecoin close to US$0.072, with losses extending across most major cryptocurrencies.
The market decline triggered a major unwind of leveraged bullish positions.
More than US$1 billion of crypto positions were liquidated over 24 hours, with roughly US$954 million coming from long positions.
Bitcoin accounted for around US$281 million of liquidations, followed by Ethereum at about US$175 million and Solana at almost US$38 million.
The forced selling amplified an already weak market as traders rushed to close leveraged positions.
The decline followed another heavy session for US technology stocks, reinforcing crypto’s sensitivity to changes in broader risk appetite.
Bitcoin had recovered above US$80,000 earlier in the week before reversing those gains as investors reduced exposure to speculative assets.
The broader cryptocurrency market lost around 5% over 24 hours, taking total market capitalisation back towards US$2.6 trillion.
The market is also continuing to digest the fallout from Binance’s US$6.34 billion security breach.
Binance says around 98% of affected token assets have been replenished, while approximately US$2.85 billion of stolen assets have been frozen or intercepted.
However, blockchain investigators estimated the attackers still controlled about US$3.2 billion in Bitcoin and Ethereum as of November 5.
Institutional flows have improved somewhat.
The latest fully reported US spot Bitcoin ETF session showed about US$74.6 million of net inflows, reversing the US$115.6 million outflow recorded a day earlier.
Bitcoin now faces an important test around the US$75,000-US$76,000 region.
A break below that area could expose the market to further deleveraging, while a return above US$80,000 would be the first sign that momentum is stabilising.
