Crypto Market Drops $140B as Bitcoin Falls Below $76K

Bitcoin Pulls Back Below $76,000 as Market Loses $140 Billion

On November 5, 2026, the cryptocurrency market experienced a sharp pullback. In just four short hours, about $140 billion in market value vanished as Bitcoin (BTCBTC-5.27%) slid below the key $76,000 support level.

At its lowest point during the sell-off, Bitcoin dropped to roughly $75,900. This sudden move quickly unwound much of the recent rebound seen on November 4, when Bitcoin had briefly pushed back above the $80,000 mark. Past performance of digital assets is no guarantee of future returns. Investors can follow real-time price movements on Bitkub Market.

Over $1 Billion Liquidated in 24 Hours

When prices fall quickly, traders using leverage often face forced liquidations. Data from cryptocurrency analytics platform CoinGlass shows just how significant this market drop was:

• Total Liquidations: $1.05 billion in leveraged crypto positions was wiped out over a 24-hour period.
• Traders Affected: A total of 203,418 crypto traders had their positions liquidated.
• Longs vs. Shorts: Bullish traders bore the brunt of the move. About $926.81 million (88%) of liquidations were long positions, while short positions accounted for roughly $126.60 million (12%).

The majority of these liquidations happened in a concentrated timeframe. During peak selling in a four-hour window, $872.48 million in positions were closed, including $793 million in longs and $79.48 million in shorts.

In the final hour of the intense drop alone, $228.90 million was liquidated, with long positions making up $196.52 million of that total.

The largest single liquidation recorded by CoinGlass occurred on Binance. A trader holding an EthereumETH-7.16% (ETH)/USDT long position was liquidated for approximately $10.94 million at a price of $2,243.86.

What Caused the Sudden Crypto Sell-Off?

Several macroeconomic headwinds and crypto-specific factors combined to trigger the broad sell-off across digital assets.

1. A Downturn in U.S. Tech Stocks

As reported by Reuters, the Nasdaq Composite index fell toward correction territory on Thursday. Investors have been re-evaluating the near-term profitability of major investments in artificial intelligence (AI).

Share prices for prominent semiconductor and AI-related companies were hit hard during the session, including major firms such as Nvidia, AMD, and Qualcomm.

2. Macro Uncertainty and Federal Reserve Policy

Investors remain cautious about the Federal Reserve's monetary policy direction. Ongoing debates over interest rate expectations have created headwinds for risk-on asset classes.

At the same time, uncertainty surrounding the upcoming U.S. midterm elections and potential regulatory shifts has added to overall market caution.

3. Aftermath of the Binance Security Incident

The crypto market is also continuing to digest the fallout from a major security breach at Binance at the end of October, which involved approximately $6.3 billion in stolen assets.

Stronger Correlation Between Crypto and Tech Stocks

Cryptocurrency assets have become increasingly sensitive to broader financial trends. According to a recent Bitfinex Alpha report, the 30-day correlation between Bitcoin and the Nasdaq 100 reached 0.68.

This positive correlation highlights how closely Bitcoin's price trends have tracked traditional technology stocks in recent weeks.

Key Market Scenarios Ahead

Market observers are closely watching whether Bitcoin can maintain support near its current levels.

If Bitcoin fails to hold this support area and U.S. equity markets remain weak, selling pressure could accelerate further across the crypto space. Conversely, if tech stocks stabilize and macroeconomic conditions improve, Bitcoin could find solid footing to build base support. Investors should keep in mind that crypto markets are inherently volatile, and price trends can shift rapidly.