Bitcoin (BTC) Drops 5% as Nasdaq Chip Selloff Hits Crypto

By Nodora News · 6 November 2026

Bitcoin (BTC) fell about 5% to the mid-$76,000s as a Nasdaq chip-stock rout and more than $1 billion in liquidations wiped out leveraged longs.

Bitcoin (BTC) fell about 5% in 24 hours on Thursday, 5 November 2026, dropping from above $80,000 to as low as about $75,558 on OKX as a sharp sell-off in US tech and chip stocks spilled into crypto. Ether (ETH) did worse, sliding about 6.9% to around $2,271, and leveraged traders who had bet on further gains were forced out of more than $1 billion in positions over the day.

Key takeaways

• Bitcoin (BTC) traded near $76,620 on OKX, down about 5.0% from its 24-hour open, after printing a session low of about $75,558.
• Ether (ETH) fell about 6.9% to roughly $2,271, after trading as high as about $2,445 in the past day.
• CoinDesk, citing CoinGlass, put 24-hour crypto liquidations above $1 billion, mostly longs; CryptoPotato earlier flagged about $560 million wiped out in a single hour.
• The trigger was outside crypto: the Nasdaq sank about 5% in Thursday trading as chip stocks slumped after weak results from Qualcomm and Arm, and the Philadelphia Semiconductor Index fell about 11.4%.
• Next on the calendar is Friday’s US jobs report, which could set the tone for rates, stocks and crypto into the weekend.

What happened to the Bitcoin price

The drop came fast. Bitcoin had held close to $80,000 for much of Thursday, after a big short squeeze on Wednesday lifted it from about $75,600 to briefly above $81,000. Within minutes of the US stock market opening, that support gave way.

OKX data shows BTC slipping from the mid-$79,000s through $77,000 and $76,000 after the cash open, with a low of about $75,558. That wiped out most of the post-election rebound in roughly two hours.

Altcoins followed, as they usually do when bitcoin moves sharply. Over 24 hours on OKX:

• Solana (SOL): about $90.57, down roughly 6.6%
• XRP: about $1.25, down roughly 5.1%
• BNB: about $694, down roughly 3.6%
• Dogecoin (DOGE): about $0.0723, down roughly 7.0%

Why crypto fell: the Nasdaq chip-stock rout

The sell-off started on Wall Street, not in crypto. CoinDesk reported that less than an hour into Thursday’s session the Nasdaq was down nearly 4% and the S&P 500 about 2.2%. Later updates had the Nasdaq Composite down about 5% and the Nasdaq 100 around 5.8%, with the S&P 500 off about 3.5%. NBC News said the tech-heavy Nasdaq 100 dropped to a five-month low, and the broader Nasdaq Composite moved into a correction, meaning a fall of 10% or more from its recent peak.

Two things drove the stock move, according to Reuters, NBC, TokenPost and Bloomberg:

• Weak chip earnings. Qualcomm fell about 9% after a soft outlook for smartphone chip sales, and Arm Holdings dropped around 15% after a revenue outlook that disappointed investors. Nvidia lost about 7% to 8%, AMD and Micron saw double-digit percentage declines, and the Philadelphia Semiconductor Index fell about 11.4%.
• Midterm worries for AI spending. After the Democrats’ sweeping wins in Tuesday’s midterm elections, investors worried that tighter oversight and local opposition could slow the build-out of AI data centres. UBS analysts, cited by Reuters via Bitcoin Magazine, estimated that around 30% of US data centre capacity additions expected in 2028 could be at risk from construction pauses.

Crypto has been trading closely with tech stocks, so when the market’s most crowded trade, AI and chips, came under pressure, bitcoin and ether were sold alongside it. Bitcoin miners that have pivoted into AI data centres were hit hardest of all.

Liquidations: leveraged longs flushed out

Liquidations happen when an exchange automatically closes a leveraged position because the trader no longer has enough margin to cover losses. When prices fall quickly, these forced sales can push prices lower still.

CryptoPotato, citing CoinGlass, showed about $560 million liquidated across crypto in just one hour, of which about $530 million came from longs, traders betting on higher prices. More than 165,000 traders were liquidated over the day, and the single largest liquidation was a $6.62 million order on Hyperliquid. CoinDesk later put the full 24-hour tally above $1 billion and said aggregate bitcoin futures open interest fell below $26 billion, its lowest since mid-September.

That is a sharp turn from Wednesday, when most of the roughly $950 million in liquidations came from shorts as bitcoin squeezed back above $80,000. Nodora covered that bounce in Ethereum (ETH) Price Jumps 5% as Bitcoin Reclaims $80,000.

Crypto stocks and the wider market reaction

Crypto-linked shares fell with the rest of tech. CoinDesk reported early declines of about 7.8% for Coinbase (COIN), 10% for Robinhood (HOOD), 10% for Circle (CRCL) and 8.3% for Strategy (MSTR). Miners turned AI hosts such as IREN, Cipher Mining, Bitdeer, TeraWulf and CleanSpark were each down about 13% to 14%.

Investors moved into safer assets instead. The 10-year US Treasury yield dipped to about 4.86%, gold rose about 1.1% toward $4,116, and the VIX fear gauge jumped more than 50% to the high-20s, CoinDesk reported.

The price action contrasts with fund flows earlier in the week. US spot bitcoin ETFs took in about $74.6 million on Wednesday, according to Farside Investors and SoSoValue data cited by CoinDesk, ending a three-day outflow streak. Thursday’s flow data will show whether ETF buyers stepped in on the dip or pulled back.

You can follow live prices on the Nodora Charts page.

What to watch next for Bitcoin

• US jobs report (Friday): October payrolls could shift rate expectations into the Fed’s December meeting.
• Tech and chip stocks: Further losses in AI and semiconductor names could keep pressure on BTC and ETH.
• Key price levels: Bitcoin is sitting just above Wednesday’s seven-week low of about $75,600. Traders will watch whether that level holds or gives way.
• Washington: The Democrats’ win has already raised questions over US crypto rules, as covered in Crypto CLARITY Act in Doubt as Democrats Win US Congress.

This article is for information only and is not financial advice. Prices are from OKX at the time of writing and move quickly.

#Bitcoin #Ethereum #Markets #Nasdaq #Liquidations

This article is general information, not financial advice.