Bitcoin Magazine
Bitcoin Price Trades Near $76,000 as Nasdaq Tumbles into Correction
As a Nasdaq-led selloff in artificial intelligence and chip equities deepened into an official correction and triggered over $1 billion in leveraged liquidations, the bitcoin price hovered around $76,000 on Thursday afternoon, dropping more than 5% after falling through the mid-$75,000 range, according to data from Bitcoin Magazine Pro.
The afternoon session compounded an earlier morning plunge that had already wiped out overnight gains past $80,000. Before stabilizing just under $76,000 toward the close of U.S. cash trading, bitcoin briefly tested support close to $75,400.
Trading near $75,900 during the afternoon, bitcoin was on pace for its steepest single-day decline since June. This movement erased Wednesday’s short-squeeze rebound within a single session. Market participants who funded their midterm bounce purchases with borrowed capital faced immediate liquidations when equities opened weak, preventing the bitcoin price from reclaiming the $77,000 threshold that had acted as morning support.
Nasdaq’s correction pulls crypto lower
Wall Street dictated the broader market trend. The Nasdaq Composite slid roughly 5% on Thursday, entering correction territory at more than 10% under the record close it achieved the previous month, CNBC reported. Simultaneously, the S&P 500 declined about 4%, and the Dow Jones Industrial Average dropped past 1,600 points.
Semiconductor stocks spearheaded the decline. The Philadelphia Semiconductor Index tumbled approximately 11%, while the iShares Semiconductor ETF registered its largest single-day drop since March 2020. Both Nvidia and Broadcom dropped around 9%, Qualcomm fell about 9%, and Tesla experienced an 11% decrease.
Market participants are beginning to account for a decelerated AI data-center expansion under a Democratic Congress. Traders are worried about tighter financing and construction delays for neoclods—threats that have pressured infrastructure and chip stocks since the midterm outcomes. Industry analysts informed CNBC that projections for $1.2 trillion in AI capital expenditures next year are currently being reevaluated.
For much of the year, bitcoin has traded in tandem with this AI-heavy sector. Because mining companies sold bitcoin to finance data centers, they find themselves exposed to both trends, meaning political pressures surrounding construction and energy now impact the exact equities that previously correlated primarily with the bitcoin price.
Leverage flush grows past $1 billion
Persistent forced selling kept downward pressure on the bitcoin price throughout the afternoon. Across a 24-hour window, approximately $1.08 billion in leveraged crypto positions were liquidated—including nearly $954 million in long positions—as futures markets unraveled the exposure accumulated during Wednesday’s short squeeze.
A roughly four-hour span following the U.S. market open accounted for nearly $900 million of those liquidations, converting a stock-driven pullback into a cascade of margin calls. Concurrently, ether dropped below $2,300 amidst the broader leverage flush.
Crypto-related equities experienced similar losses. Coinbase (COIN), Strategy (MSTR), and Circle (CRCL) each declined over 10%, whereas bitcoin miners plunged by as much as 20%. Keel Infrastructure (KEEL), having previously liquidated its entire bitcoin treasury for $192 million, dropped approximately 20%. Meanwhile, CleanSpark (CLSK), Cipher (CIFR), and TeraWulf (WULF) each registered losses exceeding 12%.
What comes next for bitcoin price
Upcoming catalysts include Friday’s October jobs report, the October Consumer Price Index (CPI) release on Nov. 10, and the Federal Reserve’s policy decision on Dec. 9. Additional regulatory risks are also emerging as House Democrats formulate an independent market structure bill ahead of assuming committee leadership in January.
Traders are closely monitoring whether the bitcoin price can maintain the mid-$75,000 range, which acted as a support level on election night and on multiple occasions since August. A decisive breakdown would open the door for further downside toward its weakest levels in months, bringing September lows back into focus.
While options markets remained subdued leading into the employment data, cash markets showed no such hesitation. Trading volumes remained high through the afternoon as equities and cryptocurrencies experienced simultaneous selling pressure rather than moving independently.
At the time of writing, the bitcoin price is near $75,900.
Frequently Asked Questions
- What is the current bitcoin price? The bitcoin price is trading near $75,900.
- Why is the bitcoin price dropping? It is falling alongside a Nasdaq correction and AI stock selloff that triggered over $1 billion in leveraged crypto liquidations.
- How much leverage was wiped out? Roughly $1.08 billion in leveraged crypto positions were liquidated over 24 hours.
- How did stocks perform? The Nasdaq fell about 5% into a correction, the S&P 500 lost about 4%, and the Dow dropped more than 1,600 points.
