Bitcoin slides below $76,000 as tech-stock rout triggers over $1 billion in crypto liquidations

Sources put bitcoin at roughly $75,500 to $76,500 after a decline of about 5% to 6%, which wiped out the rebound that followed the US election. Ether fell about 6% to near $2,225, and most large tokens also declined. Estimates of total liquidations ranged from $1.03 billion to $1.07 billion, with around $428 million cleared in a single hour and hourly peaks near $600 million in other reports. Most of the closed positions were leveraged longs.

One outlet said the crypto market lost about $140 billion of capitalisation in four hours. Spot bitcoin ETFs reportedly shed more than $430 million. Crypto-linked equities such as Strategy, Coinbase and bitcoin miners fell sharply as well.

The trigger was a drop in US technology shares. The Nasdaq tech index fell about 5% and moved into correction territory, with chip and AI names such as Nvidia, AMD and Qualcomm under pressure. Reports cite worries about the return on AI infrastructure spending and possible regulatory limits on data centers after Democratic gains in Congress. Fitch said a large share of planned data center capacity could face hurdles in Texas, Georgia and Ohio. A hawkish comment from a Cleveland Fed official added to rate concerns.

Because the rebound had been helped partly by short covering, the reversal fed on itself: falling prices set off liquidations, which pushed prices lower. Further risk-off moves in equities could keep crypto under pressure in the near term.