Bitcoin crashes below $76,000 as AI bubble fears wipe $2.5 trillion from Wall Street
Technology stocks plunged after the Democratic midterm sweep intensified concerns over AI spending, dragging Bitcoin lower as leveraged traders suffered heavy losses. Bitcoin hit an intraday low of $75,568 on Thursday and recovered to $76,830.67 as of press time, as a historic selloff in US technology stocks spilled into crypto markets and triggered more than… Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Technology stocks plunged after the Democratic midterm sweep intensified concerns over AI spending, dragging Bitcoin lower as leveraged traders suffered heavy losses.
Bitcoin hit an intraday low of $75,568 on Thursday and recovered to $76,830.67 as of press time, as a historic selloff in US technology stocks spilled into crypto markets and triggered more than $1 billion in liquidations across leveraged trading positions.
According to CoinGlass data, approximately $1 billion in leveraged positions had been liquidated over the previous 24 hours, affecting more than 201,000 traders.
Bullish positions accounted for $926.8 million, or nearly 89% of the total, compared with $118.2 million in bearish bets.
Bitcoin accounted for $264.2 million in liquidations, followed by Ethereum at $165.3 million and Solana at $33.5 million. The largest single liquidation was a $10.94 million ETH long position on Binance.
The losses coincided with a sharp reversal on Wall Street, where the Nasdaq Composite plunged 4.9% and entered correction territory, falling more than 10% below its October record. The S&P 500 declined 3.2%, while the Dow Jones Industrial Average shed more than 1,100 points.