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Bitcoin dropped to a seven-week low as US stocks gave back election gains. Hourly liquidations of leveraged bets neared $600 million.
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Bitcoin fell sharply on Thursday morning, from above $80,800 to near $76,600. The drop of more than 5% took it to a seven-week low. A Nasdaq selloff in chip and AI stocks spilled over into crypto.
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US stocks erased their gains from the election, and crypto-related shares also fell. The move wiped out Bitcoin's own election rally.
In numbers
Bitcoin, the past month
$75,851down −11.57%
Crypto
Leveraged long positions, which are bets on a rising price made with borrowed money, were forced to close. Hourly liquidations neared $600 million, a forced closing of such trades when prices fall.
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