Bitcoin falls below $76,000 as Wall Street selloff triggers $1 billion in liquidations

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Bitcoin and other major cryptocurrencies fell on Thursday as a sharp decline in US technology and AI stocks spread to digital asset markets. The selloff wiped out gains made after the US midterm elections and led to more than $1 billion in leveraged position liquidations over 24 hours.

Bitcoin dropped 6% to $75,700, after touching an intraday low of $75,568. Ether fell more than 7% to $2,247. Both assets reversed Wednesday’s gains, when Bitcoin had climbed back above $80,000 following the election results and signs that the Binance hack had not caused wider market disruption.

The decline coincided with heavy losses across US equities. The Dow Jones Industrial Average and S&P 500 were down about 3% by 2 pm ET, while the Nasdaq Composite fell 4.7%. The Cboe Volatility Index (VIX), a measure of expected stock market volatility, rose approximately 60%, signalling increased investor uncertainty.