Bitcoin Holds $75K as Asian Markets Lose $1 Trillion

A Massive Sell-Off Strikes Global Markets

Financial markets around the world experienced sharp downturns on November 6, 2026. A heavy sell-off in U.S. technology stocks quickly spread across Asia, erasing more than $1 trillion in market value in a single trading session.

Despite intense pressure across traditional equities, BitcoinBTC-5.82% managed to hold above the critical $75,000 level. While digital assets experienced pullbacks, Bitcoin demonstrated relative stability compared to high-flying technology stocks.

Asian Stock Markets Face Heavy Pressure

The wave of selling hit Asian stock exchanges especially hard on Friday morning. In South Korea, the benchmark KOSPI index dropped by as much as 9%. The rapid drop triggered an automatic market circuit breaker, temporarily halting trading to reduce panic.

A circuit breaker acts like a safety mechanism for financial markets. When prices fall too quickly, stock exchange systems pause trading automatically to give investors time to process information calmly.

• South Korea (KOSPI): Dropped around 6%, wiping out approximately $203 billion (305 trillion won).
• Taiwan (TAIEX): Fell nearly 9%, with semiconductor leader TSMC reaching its maximum daily downward limit.
• Japan (Nikkei 225): Fell 6% (losing $450 billion), entering a bear market after declining over 20% from its peak.
• China (Shanghai Composite): Slid 1.5% (losing $210 billion), while 10-year government bond yields reached record lows as investors sought safer assets.

What Triggered the U.S. Tech Sell-Off?

The sell-off originated on Wall Street on November 5. The Nasdaq 100 index plunged 6.4%, wiping out roughly $2.5 trillion in market valuation. At the same time, the broader Nasdaq Composite dropped 5.5%, placing it nearly 12% below its October peak.

Semiconductor companies experienced significant pressure, falling 12% as a sector. Major technology firm Nvidia saw its share price decline by 9% during the session.

The primary catalyst was political uncertainty following U.S. midterm elections, where Democrats won control of both chambers of Congress. Investors began anticipating increased regulatory scrutiny on artificial intelligence and data center infrastructure.

Concerns intensified after Texas Governor-elect Gina Hinojosa proposed a pause on new data center developments. MicroStrategy Chairman Michael Saylor noted that the sharp equity drop represented a 4-sigma market event, a statistical movement seen roughly once every 19 months.

Japanese Prime Minister Sanae Takaichi stated that government officials were monitoring global markets closely, acknowledging that it is uncertain whether the pullback in AI and semiconductor shares will be temporary.

How Bitcoin Performed Relative to Stocks

Cryptocurrency markets were affected by the broader risk-off sentiment, but Bitcoin held up better than many tech equities. Bitcoin fell around 6% over 24 hours to trade near $75,600 after touching a low around $75,200. This followed a retreat from its peak above $77,000.

Macro analyst Alex Krüger pointed out that Thursday was only the second time in history that the Nasdaq fell over 5% while Bitcoin experienced a smaller percentage drop. The previous instance occurred on March 16, 2020, when the Nasdaq ETF (QQQ) fell 12% and Bitcoin fell 10.6%. In this latest event, QQQ dropped 6.4% while Bitcoin fell 5.3%.

Investors should note that past performance of digital assets is not an indicator of future returns. Market conditions can change rapidly.

Derivatives Market Liquidations and Options Expiry

While spot Bitcoin prices held key support levels, the crypto derivatives market saw substantial liquidations. Total crypto liquidations surpassed $1.25 billion over 24 hours, with nearly 90% of those coming from bullish long positions.

Traders focused closely on the $75,000 price point. Data from the Deribit derivatives exchange showed no call options placed at or below $75,000 for the weekly expiry on Friday. This structure meant bearish positions stood to gain if Bitcoin closed below that threshold.

Market Outlook and Potential Scenarios

Fundstrat analyst Tom Lee suggested that the sell-off resembled past sharp market corrections, noting that historically similar downturns took about three days to reach a bottom.

If Bitcoin maintains its position above the $75,000 level through options expiration and ongoing equity volatility, it could suggest digital assets are separating from traditional tech trends. Under favorable conditions and sustained demand, Bitcoin could experience price stabilization or a gradual recovery. Conversely, if global macroeconomic headwinds persist or tech stock selling worsens, digital assets could face additional price volatility and downward pressure.