Bitcoin Drops 6.3% as $1 Billion in Crypto Liquidations Hit Market
Key Facts
Bitcoin fell 6.3% as over $1 billion in crypto derivatives positions were liquidated. The sharp decline followed the Democratic party gaining control of the US Congress in the midterm election results.
The price action pulled the digital asset back from its record highs above $80,800 into a support band between $73,000 and $76,000. According to Glassnode, these selling pressures coincided with a broader retreat in the S&P 500 and a decline in semiconductor stocks within the Nasdaq.
Latest Updates · 2
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Update: These price movements wiped approximately $140 billion off the total cryptocurrency market capitalization within a four-hour window. This sharp contraction occurred as Bitcoin dropped below the $76,000 level on November 5, 2026.
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Update: A sell-off in Nasdaq chip stocks triggered over $560 million in crypto long liquidations within a single hour on November 5, 2026. These forced liquidations accelerated Bitcoin's decline as the digital asset's correlation with the technology sector intensified.