Bitcoin drops below $76,000 as $954 million in longs are liquidated

CoinGecko data showed Ethereum down 7.5% to $2,251 and Solana off 7.9% at $89.16. The total crypto market capitalization fell 4.6% to about $2.66 trillion. The decline reversed an earlier recovery above $80,000. XRP lost 6.1% to $1.23, BNB fell 3.9% to $691.42 and TRON slipped 1.1% to $0.3167. Of the ten largest assets by market capitalization, Figure Heloc gained 1.6%; USDT and USDC stayed close to their dollar pegs.

CoinGlass reported that 210,326 traders were liquidated. In the latest four hours, $896.18 million in positions were closed, including $817.35 million in longs; the 12-hour total was $982.43 million. Bitcoin liquidations reached $280.65 million, 89.4% of them longs. Ethereum recorded $174.86 million, with bullish positions accounting for 82%, while Solana saw $37.62 million. The largest individual liquidation was a $10.94 million ETHUSDT long on Binance, which accounted for 46.7% of the reported total.

The selloff extended to U.S. stocks. On Thursday, the Nasdaq Composite fell 4.7% and the S&P 500 dropped 3.5%. Nvidia lost 7.5%, AMD fell 14.6% and CoreWeave declined 12.1%, amid investor concerns about financing costs and uncertainty over data center development. Coinbase fell 10.56% to $135.50 and Strategy dropped 10.12% to $128.11. Robinhood lost 11.81% to $77.09, while Circle fell 11.92% to $67.05, after both recovered somewhat from session lows.

Mining and data center stocks also fell sharply: IREN dropped 16.17%, Cipher Digital 15.08%, CleanSpark 15.07%, TeraWulf 14.19% and MARA Holdings 13.03%. Riot Platforms declined 5.14% to $14.58 after touching $12.97. Stock changes are measured against the previous close; cryptocurrency figures cover a rolling 24-hour period.

Gold moved higher as crypto and technology shares fell. Spot gold rose 0.9% to $4,095.49 an ounce after reaching $4,146.63 during the session. A weaker dollar and lower Treasury yields supported bullion; silver was down 0.2% at $52.16 an ounce. Bitcoin’s fall brought it near the week’s low of $75,736 and the daily chart’s lower Bollinger Band at $76,059. The 20-day moving average stood at $80,139, with resistance around $81,000 to $82,000. U.S. spot Bitcoin ETFs had taken in $74.6 million on Nov. 4 after three sessions of outflows: Fidelity’s FBTC received $236.7 million, while BlackRock’s IBIT saw $201.2 million in outflows.