Bitcoin Falls Near $76,000 as Nasdaq Correction and $1.08B in Liquidations Hit Crypto
Bitcoin traded near $76,000 on Thursday after a Nasdaq-led selloff in chip and AI stocks pushed the Nasdaq Composite into correction and forced out roughly $1.08 billion in leveraged crypto positions. Sources differ on the size of the day's move, with one putting bitcoin's decline above 5% and another describing a steadier price near $76,900 earlier in the cycle.
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The Day's Move and Where Sources Disagree
Bitcoin traded near $76,000 on Thursday afternoon, which Bitcoin Magazine Pro data put down more than 5% on the day after the price slid through the mid-$75,000s. The move erased Wednesday's short-squeeze bounce in a single session and followed a morning drop that had already removed 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.
CoinDesk's reporting described a different picture earlier in the cycle, with bitcoin edging up 0.2% to around $76,900 since midnight UTC after dipping to $76,300. The two readings reflect different time windows rather than a clear factual conflict, but readers tracking the day should note that the reported loss depends on the reference point used.
Equities Set the Tone
The crypto move was driven largely by U.S. stocks. According to CNBC, the Nasdaq Composite fell about 5% on Thursday and entered correction territory, more than 10% below its record close set last month. The S&P 500 lost roughly 4%, and the Dow shed more than 1,600 points.
Semiconductors led the decline. The Philadelphia Semiconductor Index sank about 11%, and the iShares Semiconductor ETF posted its largest one-day drop since March 2020. Nvidia and Broadcom each fell around 9%, while Qualcomm lost about 9% and Tesla dropped about 11%. Analysts told CNBC that investors are repricing a slower AI data-center buildout under a Democratic Congress, with the $1.2 trillion of AI capital spending forecast for next year now being reworked.
Bitcoin has tracked this AI-heavy complex for most of the year. Miners that sold bitcoin to fund data-center expansion are now exposed to both trades, so political risk on power and construction affects the same names that previously traded mainly on the bitcoin price.
Leverage Amplified the Selloff
Forced selling deepened the break. Bitcoin Magazine Pro reported roughly $1.08 billion in leveraged crypto positions liquidated over 24 hours, including about $954 million in long bets. Nearly $900 million of that came in a roughly four-hour window after the U.S. open, as futures positions built during Wednesday's short squeeze were unwound. Ether fell below $2,300 as the same leverage was flushed out.
Crypto equities fell alongside the market. Strategy (MSTR), Coinbase (COIN) and Circle (CRCL) each dropped more than 10%, and bitcoin miners fell as much as 20%. Keel Infrastructure (KEEL), which sold its entire bitcoin treasury for $192 million, slid about 20%. CleanSpark (CLSK), Cipher (CIFR) and TeraWulf (WULF) each lost more than 12%.
Policy and Data Ahead
Traders are watching the next set of catalysts. Friday brings the October jobs report, followed by October CPI on Nov. 10 and the Federal Reserve's Dec. 9 decision. Policy risk is also building, with House Democrats drafting their own market structure bill ahead of taking committee control in January.
The immediate technical question is whether bitcoin can hold the mid-$75,000 area, which has served as support on election night and several times since August. Bitcoin Magazine's analysis noted that a clean break would leave room for further downside, near the weakest levels in months, and would put the September low back in view. Options markets have been quiet into the jobs print, while cash-market volume stayed elevated through the afternoon as stocks and crypto sold together.
Why It Matters
For Traders
Whether bitcoin holds the mid-$75,000 support ahead of Friday's jobs report will likely determine near-term direction and liquidation risk.
For Investors
Bitcoin's continued co-movement with AI and semiconductor equities suggests its macro sensitivity is rising, not falling, as policy risk builds.
For Builders
Heavy leverage unwinds during equity-driven selloffs point to margin and liquidation mechanics as a key stress point in derivatives infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
