On Wednesday, bitcoin celebrated the end of the US midterms back above $80,000. By Thursday afternoon, it had lost more than $4,000 in about two hours — not because of anything in crypto, but because chip stocks fell off a cliff. On Friday, November 6, 2026, a hot jobs report made the outlook for interest rates worse.
The result: a seven-week low, a billion dollars in liquidated longs, and a market that once again trades like a leveraged tech stock.
Key facts
- Bitcoin fell from about $80,800 on November 4 to below $76,000 on November 5, 2026, and touched a seven-week low of about $75,100 overnight.
- The Philadelphia Semiconductor Index fell as much as 11% on November 5; the Nasdaq Composite dropped as much as 3.9% and entered correction territory.
- CoinGlass counted $1.03 billion in liquidations over 24 hours, 89% of them longs; about $370 million was wiped out in roughly one hour after the US open.
- US spot bitcoin ETFs saw about $430 million in net outflows on November 5, led by Fidelity’s FBTC at $199.9 million.
- The October jobs report showed 165,000 new jobs against a 59,000 consensus; unemployment fell to 4.1%.
- Traders raised the odds of a Fed rate hike at the December 8–9 meeting to about 77%, per CME FedWatch; the Crypto Fear & Greed Index dropped to 28.
Why did bitcoin fall below $76,000?
Because the AI trade broke, and bitcoin went with it. On Thursday, November 5, the Philadelphia Semiconductor Index fell as much as 11%, per Yahoo Finance, and the Nasdaq dropped as much as 3.9%, entering correction territory, according to Bitcoin Magazine. Nvidia and Broadcom lost about 5% each; US stocks shed about $2.3 trillion in market value in the first hour of trading.
Investors are pricing in a Democratic Congress after Tuesday’s midterms and fear limits on data center construction; UBS analysts estimated that about 30% of US data center capacity additions expected in 2028 could be at risk. That hits bitcoin twice: through risk sentiment, and through miners, many of whom have sold BTC to fund AI data centers.
Bitcoin slid from above $80,800 to near $76,000 within hours of the US open and broke below $77,000; ether fell below $2,300. IG analyst Axel Rudolph said bitcoin was “dragged into the AI rout.”
Bitcoin didn’t have a crypto problem on Thursday. It had a Nasdaq problem.
How big were the liquidations?
About $370 million in leveraged crypto positions was liquidated in roughly one hour after the US open. Over 24 hours, CoinGlass data cited by ETHNews counted $1.03 billion across 199,365 traders — $924.9 million of it in longs. Bitcoin positions accounted for $255.9 million and ether for $163.8 million; nearly half of all liquidations happened on Binance.
ETF flows turned negative again
The one-day inflow of $74.6 million on November 4 did not last. US spot bitcoin ETFs lost about $430 million on November 5, according to Farside data; The Block reports Fidelity’s FBTC led with $199.9 million, followed by BlackRock’s IBIT at $105 million and Grayscale’s GBTC at $49.9 million. Across all US spot crypto ETFs, outflows topped $540 million for the day.
What did the October jobs report change?
It made a December rate hike more likely. The US economy added 165,000 jobs in October, against a Dow Jones consensus of 59,000, CNBC reports. Unemployment fell to 4.1%, and average hourly earnings rose 0.4% on the month and 3.1% on the year, both above estimates. August and September were revised up by a combined 84,000 jobs.
Treasury yields rose and traders lifted the odds of a Fed rate hike at the December 8–9 meeting to 76.8%, per CME FedWatch. For bitcoin, which had already tested $75,100 overnight, the reaction was modest: it slipped to around $75,500. Higher rates make leverage more expensive and cash more attractive — the same pressure that weighed on crypto after the September rate hike.
What levels matter for bitcoin now?
Traders are watching the $75,000 area, which held on election night and several times since August. Below it, the 200-day moving average sits near $73,200. On the upside, bitcoin would need to reclaim its 100-day average near $76,900 and then $78,000–$80,000 to undo Thursday’s move. The next macro tests are US CPI on November 10 and the Fed decision on December 9. Sentiment has already turned: the Crypto Fear & Greed Index fell from 50 to 28 in a day.
What this means for swap users
Days like November 5 are when rates move fastest. If you’re swapping during a sell-off, a fixed rate locks what you receive, while a floating rate follows the market until your deposit confirms — for better or worse. On SwapZilla you can compare both before you send.
Moving into stablecoins to sit out volatility? Pick the network carefully: fees and confirmation times differ a lot, as our guide to USDT on TRC20, ERC20 and Solana explains. And if you trade with leverage elsewhere, Thursday’s $370 million hour is a reminder of how quickly the liquidation cascades of this autumn can repeat.
Final thoughts
Two days, two very different stories: a political rally on Wednesday, a tech-driven crash on Thursday, and a jobs report on Friday that left the Fed little reason to ease. None of it was about crypto itself. Until bitcoin decouples from the Nasdaq and the rate outlook, $75,000 is less a crypto level than a macro one.