The Bitcoin price dropped below $76,000 on Thursday, November 5, 2026, after a sharp selloff in chip and artificial intelligence (AI) stocks spread across global markets and erased the crypto rally that followed the US midterm elections.
Bitcoin had climbed above $80,800 earlier in the day before sliding to around $75,800, a fall of about 5.7% in 24 hours and its lowest level in roughly seven weeks. Ether, the second-largest cryptocurrency, fell about 7.2% to near $2,250.
Why the Bitcoin Price Fell
The trigger came from the stock market. Qualcomm shares sank by double digits after the chipmaker’s smartphone chip sales missed estimates, while Arm’s guidance came in only slightly above expectations. That hit a semiconductor sector already bruised by a 15.4% slide in the Philadelphia Semiconductor Index in October.
Politics added pressure. Democrats won control of both chambers of the US Congress on Tuesday, and in Texas the new governor won on a promise to pause new data centre construction. Texas accounts for more than a quarter of planned US data centre capacity through 2030, so investors began pricing in a slower AI buildout. Bitcoin moved almost in step with the falling Nasdaq.
Bitcoin Price Drop by the Numbers
| Indicator | Latest |
|---|---|
| Bitcoin intraday high | Above $80,800 |
| Bitcoin low | About $75,800 |
| 24-hour change (BTC) | About -5.7% |
| Ether price / change | About $2,250 / -7.2% |
| Crypto liquidations (24h) | More than $1 billion |
| BTC futures open interest | Below $26 billion |
$1bn in Leveraged Bets Wiped Out
More than $1 billion in leveraged crypto derivatives positions were liquidated over 24 hours, the heaviest flush since late October. Open interest in Bitcoin futures dropped below $26 billion for the first time since mid-September, showing traders were cutting risk. Privacy coins Monero (XMR) and Zcash (ZEC) held up better, falling only in low single digits.
Bitcoin miners that moved into AI hosting were hit twice, by the crypto drop and by worries over data centre growth. Shares of IREN fell about 18% after reports that Microsoft is watching its data centre projects more closely.
What Are Liquidations?
A liquidation happens when an exchange automatically closes a trader’s leveraged position because losses have eaten up the margin. When prices fall fast, these forced sales can push prices down further, creating a chain reaction. This is why sharp moves in the Bitcoin price often come with large liquidation numbers.
How the Bitcoin Price Drop Affects You
For crypto holders in Pakistan, the fall means portfolios valued in dollars have lost several percent in a single day, and the rupee value has fallen with them. Traders using leverage on international exchanges face the biggest risk, as fast moves can wipe out positions within minutes. Long-term holders usually see such swings as normal for the crypto market, but anyone investing should only put in money they can afford to lose.
What to Watch Next
Markets are now looking at Friday’s US jobs report and whether spot Bitcoin ETFs see fresh inflows. A stronger jobs number could raise expectations of tighter US interest rates, which tends to weigh on crypto. The Democratic sweep may also make it harder to pass the stalled CLARITY Act on crypto market rules in the Senate.
For official updates, visit the Bitcoin.org website.
Read More: Bitcoin Price Slips to $76,500 as US Midterm Voting Nears
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