Bitcoin dropped below $76,000 on Thursday, shedding more than 6 percent to $75,463 on Bitstamp—its lowest price since Sept. 16. The move coincided with a sharp reversal in risk assets at the U.S. market open.
Crypto liquidations exploded off the open. CoinGlass data shows nearly $500 million in positions liquidated within the first hour of trading, with total 24-hour liquidations reaching $850 million across digital assets.
Equity markets cratered in tandem. The S&P 500 fell 2.7 percent and the Nasdaq Composite dropped more than 4 percent—its lowest level since July 29. Tech stocks bore the brunt of selling pressure following the Democratic sweep in midterm elections.
Bitcoin now trades near the bottom of its one-month range and risks losing support at its 50-week simple moving average of $75,733. At press time, BTC traded at $75,825, down 5.7 percent over 24 hours.
Ethereum fell 7.2 percent to $2,252, while Solana dropped 7.17 percent to $89.01. Hyperliquid's HYPE token slid 8.24 percent to $77.75.
Crypto trader Rekt Capital flagged a pattern repeat: Bitcoin's rangebound action around $80,000 mirrors May behavior that preceded a breakdown to macro lows of $57,000 in late June. If current support fails, further downside is in play.
Oil markets bucked the trend. WTI crude returned above $90 per barrel and Brent gained 2.5 percent toward $97, supported by reports of new strikes on tankers in the Middle East.
