Bitcoin slides 6% to around $75,000 as US tech stocks plunge

Bitcoin fell 6% within hours to around $75,000 on Nov. 5 (local time) as U.S. technology stocks suffered their steepest drop since the April 2025 tariff announcement. On Binance, bitcoin traded at $80,390 at 9 p.m. KST on Nov. 5, fell to $75,568 in the midnight hour on Nov. 6, and set a lower low of $75,208 in the 8 a.m. hour. Ether fell 8.9% over the same period, from $2,421 to $2,206.

A 3.5% drop in the hour starting 30 minutes after the New York open

The decline gathered pace around the opening of the New York stock market. Binance hourly charts show the following sequence (all times KST):

1. Nov. 5, 21:00Bitcoin starts at $80,390 and slips to $79,520 within the hour
2. Nov. 5, 23:30New York stocks open; bitcoin falls to $78,056 in the 11 p.m. hour
3. Nov. 6, 00:00Bitcoin drops 3.5% in one hour, from $78,288 to $75,568
4. Nov. 6, 06:00New York stocks close; the Nasdaq Composite is down 5.52%
5. Nov. 6, 08:00Bitcoin hits $75,208, its lowest in 24 hours

In futures markets, leveraged traders betting on higher prices were liquidated en masse. Positions liquidated over four hours totaled $879.92 million, of which $818.90 million (93%) were long positions betting on gains, The Block reported, citing CoinGlass data. Over 24 hours, liquidations totaled about $1.09 billion, with about 211,000 traders liquidated.

Semiconductor index plunges more than 12% after Democrats win control of Congress

The S&P 500 fell 4.36% to 7,353.73 on Nov. 5, the Nasdaq Composite dropped 5.52% to 24,315.00, and the Dow Jones Industrial Average lost 1,833.06 points, or 3.44%, to 51,523.06, according to Reuters. The Philadelphia Semiconductor Index fell more than 12%, and Nvidia shares dropped more than 9%. About $3 trillion was wiped from the market value of S&P 500 companies in a single day.

The Nasdaq finished more than 10% below its record close of Oct. 6, putting the index in correction territory. Reuters reported that investors sold chipmakers on concerns about tougher artificial intelligence (AI) regulation after Democrats won control of Congress in the Nov. 3 midterm elections. Some of those wins came in states where opposition to new data centers has grown. Jakub Rochlitz, an analyst at eToro, told Fox Business that rising electricity prices had turned data center construction into a political issue.

"This feels like the capitulation phase for the data center capex beneficiary stocks, especially the semiconductors"

Jed Ellerbroek, portfolio manager at Argent Capital Management (quoted by Reuters)

Miners and Coinbase drop 10% to 20%

Crypto-related stocks fell more steeply than the broader indexes. Shares of bitcoin miners Bitdeer and Keel Infrastructure each fell about 20% in intraday trading on Nov. 5, and American Bitcoin dropped 17%, according to The Block. Strategy, a large bitcoin holder, and the exchange Coinbase each fell about 10%. The TRUMP memecoin, named after U.S. President Donald Trump, fell more than 20% over two days to an all-time low. Bitcoin had climbed above $80,000 on a rebound on Nov. 4 (local time), the day after the midterms, but the latest drop erased all of its post-election gains.

Nasdaq futures kept falling in Asian hours

Korean exchanges followed the same path. At 8:30 a.m. KST on Nov. 6, bitcoin traded at 102,929,000 won on Upbit, down 4.98% from the previous day, after touching an intraday low of 102,325,000 won. Ether fell 7.26% to 3,026,000 won, with an intraday low of 3,001,000 won. The kimchi premium (the gap between prices on Korean exchanges and global markets), measured as how much more bitcoin costs on Upbit than on Binance, stood at 1.34% at the same time.

Selling continued after New York stocks closed. At 8:20 a.m. KST on Nov. 6, Nasdaq 100 futures stood at 26,490 points, nearly 1% below the previous session's settlement price. Gold futures, often seen as a safe haven, also fell 0.5% to $4,094.8 an ounce, weakening alongside riskier assets.