Bitcoin Magazine
Bitcoin Price Crashes Over 5% to $75,000 as Tech Rout Wipes Out Leveraged Longs
Bitcoin price fell about 5% on Thursday morning, sliding from above $80,800 to near $76,000 as a sharp selloff in technology stocks spread into crypto and wiped out leveraged traders betting on further gains, Bitcoin Magazine Pro data shows.
The drop erased the rebound that had carried bitcoin back above $80,000 overnight. It touched a low near $76,100 shortly after the U.S. stock market opened, its weakest level since the start of the week.
The reversal came fast. Bitcoin held near $80,000 through Wednesday, and early Thursday traders were cheering a short squeeze that pushed it past $80,500. Within roughly two hours of the opening bell, the bitcoin price was more than $4,000 lower.
The trigger sat on Wall Street. The Nasdaq Composite tumbled as much as 3.9% on Thursday and slipped into correction territory, trading 10% below the record close it set last month, CNBC reported. The S&P 500 fell about 2%, erasing Wednesday’s rally, its best session in three months.
Chip and AI stocks took the worst of it. Nvidia and Broadcom each fell about 5%, Tesla lost around 9% and neocloud names CoreWeave, Nebius and IREN dropped between 9% and 13%. Qualcomm slid 9% after a weak outlook. Sandisk was down nearly 19% at the time of writing.
Investors are pricing in a Democratic-controlled Congress after Tuesday’s midterms. S. data center capacity additions expected in 2028 could be at risk from construction pauses, Reuters reported.
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