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
- $954.38 million in long positions were liquidated, compared with $127.30 million in shorts.
- Bitcoin fell 5.8%, while Ethereum and Solana lost 7.5% and 7.9%, respectively.
- Coinbase and Strategy dropped around 10%, with several mining stocks recording larger losses.
- Gold held gains as cryptocurrency prices and U.S. technology shares declined.
According 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.
Crypto liquidations hit longs hardest
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.
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.
Technology shares fall alongside crypto companies
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.
Gold holds gains while silver gives ground
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%.
Bitcoin falls back toward November lows
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.
