Bitcoin has fallen below $76,000 on Nov. 5 as a cryptocurrency selloff has wiped out $954.38 million in leveraged long positions, pushing total 24-hour liquidations to $1.08 billion. Summary
Bitcoin has fallen below $76,000 on Nov. 5 as a cryptocurrency selloff has wiped out $954.38 million in leveraged long positions, pushing total 24-hour liquidations to $1.08 billion.
SummaryAccording to CoinGecko, Bitcoin fell 5.8% over the past 24 hours to $75,954, while Ethereum dropped 7.5% to $2,251 and Solana lost 7.9% to trade at $89.16. The total crypto market cap declined 4.6% to approximately $2.66 trillion.
The retreat followed an earlier recovery above $80,000, reversing gains that had brought Bitcoin back from its election-week lows. XRP fell 6.1% to $1.23, BNB dropped 3.9% to $691.42, and TRON lost 1.1% to $0.3167.
Zcash declined 5.3% to $1,242.29. Among the ten largest assets by market capitalization, Figure Heloc moved against the selling, gaining 1.6%, while USDT and USDC remained close to their dollar pegs.
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According to CoinGlass, 210,326 traders were liquidated over the past 24 hours. Long positions accounted for $954.38 million, or 88.2% of the total, compared with $127.30 million in shorts.
Source: CoinGlass
Liquidations were concentrated in the latest four hours, when $896.18 million in positions were closed, including $817.35 million in longs and $78.83 million in shorts. The 12-hour total reached $982.43 million.
Bitcoin positions recorded $280.65 million in liquidations, with longs representing 89.4%. Ethereum followed with $174.86 million, of which 82% involved bullish positions, while Solana recorded $37.62 million.
The largest individual liquidation was a $10.94 million ETHUSDT long on Binance. The exchange accounted for 46.7% of the reported total.
Notably, the Nasdaq Composite fell 4.7% during Thursday’s trading, while the S&P 500 lost 3.5%. Nvidia dropped 7.5%, AMD fell 14.6%, and CoreWeave declined 12.1% as investors assessed financing costs and uncertainty surrounding data center development.
U.S. crypto stocks suffered losses during the same session. Coinbase was down 10.56% at $135.50, and Strategy was down 10.12% at $128.11.
Robinhood fell 11.81% to $77.09, while stablecoin issuer Circle lost 11.92% to $67.05. Both had recovered slightly from session lows of $75.51 and $64.89, respectively.
Mining and data center shares recorded some of the largest declines. IREN dropped 16.17%, Cipher Digital fell 15.08%, and CleanSpark lost 15.07%. TeraWulf declined 14.19%, while MARA Holdings slid 13.03%.
Riot Platforms was down 5.14% at $14.58 after trading as low as $12.97. The stock percentages measure changes against the previous close, while cryptocurrency figures cover a rolling 24-hour period.
Precious metals showed a different pattern. Spot gold was trading at $4,095.49 an ounce, up 0.9%, after reaching $4,146.63 earlier in the session.
A weaker dollar and lower Treasury yields supported bullion. Gold had gained nearly 3.4% on Wednesday before reaching its highest level since Oct. 20 during Thursday’s trading. Silver’s earlier advance faded. The metal was at $52.16 an ounce, down 0.2%.
Earlier on Nov. 5, crypto.news previously reported that Bitcoin’s daily chart placed the lower Bollinger Band at $76,059, close to the week’s $75,736 low. Its subsequent retreat below $76,000 brought price back into that area.
The same chart placed the 20-day moving average at $80,139, with resistance around $81,000 to $82,000.
Before Thursday’s reversal, U.S. spot Bitcoin ETFs had returned to inflows, attracting $74.6 million on Nov. 4 after three consecutive sessions of withdrawals. Fidelity’s FBTC received $236.7 million, while BlackRock’s IBIT recorded $201.2 million in outflows.
Read more: Ethereum price outlook for November: Can ETH recover $2,800?
