Bitcoin Magazine
Bitcoin Price Trades Near $76,000 as Nasdaq Tumbles into Correction
Bitcoin price traded near $76,000 on Thursday afternoon, down more than 5% on the day after sliding through the mid-$75,000s as a Nasdaq-led selloff in chip and AI stocks deepened into a formal correction and forced out more than $1 billion in leveraged bets, Bitcoin Magazine Pro data shows.
The afternoon session extended the morning crash that had already erased overnight gains above $80,000. Bitcoin briefly tested support near $75,400 before stabilizing just under $76,000 into the final hour of U.S. cash trading.
Bitcoin near $75,900 in afternoon trade, on track for its biggest single-day slide since June. The move undid Wednesday’s short-squeeze bounce in a single session. Traders who bought the midterm rebound with borrowed money were the first forced out when stocks cracked at the open, and the bitcoin price never regained the $77,000 area that held as morning support.
Wall Street set the tone. The Nasdaq Composite fell about 5% on Thursday and dropped into correction territory, more than 10% below the record close it set last month, CNBC reported. The S&P 500 lost roughly 4%, and the Dow shed more than 1,600 points.
Semiconductors led the rout. The Philadelphia Semiconductor Index sank about 11%, and the iShares Semiconductor ETF posted its biggest one-day drop since March 2020. Nvidia and Broadcom each fell around 9%, Qualcomm lost about 9% and Tesla dropped about 11%.
Investors are pricing in a slower AI data-center buildout under a Democratic Congress.
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