Bitcoin fell below $76,000 on Thursday as a post-election rally reversed and a sharp sell-off in technology and artificial intelligence stocks spread across risk assets.

Data from TradingView showed BTC/USD falling more than 6% to $75,463 on Bitstamp, its lowest level since Sept. 16. CoinDesk data showed bitcoin down about 5.2% over 24 hours, trading just below $76,000. Ether fell 7.5%, while XRP and Solana each lost 5.5%.

The decline followed a rally on Wednesday after Tuesday’s midterm elections, in which Democrats won control of both chambers of Congress. Stocks initially rose on the result, but those gains did not carry into Thursday. Wall Street recorded its worst session since the April 2025 tariff announcements: The Nasdaq fell 5.5%, the S&P 500 dropped 4.3%, and the Dow declined 3.4%. Cointelegraph reported a smaller decline earlier in the session, with the Nasdaq Composite down 4.2%.

The Nasdaq 100 fell 6.4%, its largest daily decline since March 2020. The Philadelphia Semiconductor Index dropped 12%, also marking its worst session since that month, as traders rotated out of technology stocks.

What just happened? The Nasdaq 100 just posted its largest daily drop since the 2020 Pandemic, with the S&P 500 erasing -$3 trillion today. Just 24 hours ago, the Dow surged +1,600 points after the Democrats "swept" the Midterms. So, what changed? Let us explain. (a thread) pic.twitter.com/pf5ZW1Q9Qd — The Kobeissi Letter (@KobeissiLetter) November 5, 2026

Investors were concerned that Democratic control of Congress could slow data-center construction, which supports the artificial intelligence boom. Data centers are also relevant to bitcoin miners that have shifted part of their businesses toward AI. That creates a point of overlap between expectations for AI infrastructure spending and the operating strategies of some mining companies.

Joshua Lim, global co-head of markets at FalconX, said fresh selling returned as the potential effects of a slower data-center buildout came into focus. He said Wednesday’s relief rally was driven mostly by short-covering ahead of a widely expected election result.

Carlos Guzman, vice president of research at GSR, said the midterms appeared to trigger the sell-off. He added that concerns about returns on AI spending had already been increasing, while weak earnings from chipmakers added to the pressure.

Economist Mohamed El-Erian wrote that he was less certain a change in congressional control would slow the technology sector. He questioned whether the broader economy could perform well without technology earnings and spending, and called the day’s weakness in technology stocks “not surprising.”

Jordan Watson, a portfolio manager at Tandem Investment Advisors, told CNBC that additional volatility could lie ahead. He said the stock gains following the election were not an “all-clear signal.”

Other markets also moved. WTI crude returned above $90 per barrel, while Brent gained 2.5% to nearly $97. Reports of new strikes on tankers in the Middle East contributed to the move, along with uncertainty over the US-Iran war.

Gold rose 0.6% to $4,094 per ounce, although it moved off its earlier highs. The metal gained as stocks and cryptocurrencies declined.

Crypto Liquidations and Bitcoin Levels

Crypto derivatives markets experienced heavy forced selling. CoinGlass data showed that more than $1 billion in positions were liquidated over 24 hours, with most of the liquidated positions betting on higher prices. It was the largest wipeout since at least Oct. 28-29, when bitcoin fell from nearly $82,000 to $76,000. Cointelegraph reported nearly $500 million in liquidations during the first hour of US trading. When leveraged long positions are liquidated, their forced closures can add selling pressure to an already declining market.

Guzman said risk appetite deteriorated on Thursday and that leverage amplified the move. Bitcoin returned to levels seen before Wednesday’s rally.

BTC briefly traded below its 50-week simple moving average, which stood at $75,733. The price also approached the bottom of its one-month trading range, putting that level’s role as support under pressure.

Trader Rekt Capital pointed to a similar pattern in May, when bitcoin moved sideways near $80,000 before breaking down and later reaching a macro low of $57,000 in late June.

#BTC "If the 3-Day bearish retest is successful once again on this occasion, that could see price go below the recent local lows of ~$76000" Indeed, the 3-Day bearish retest continues to be successful Back in May, Bitcoin also developed a cluster of price action at these… pic.twitter.com/6Iycxg0jQM — Rekt Capital (@rektcapital) November 5, 2026

Analyst Bob Loukas said in a post on X that he believed the cycle low was already in, while the weekly cycle remained in decline. In his view, any decline over the next few months would be part of that process and a period of back-filling.

Lot of questions on Bitcoin's 4yr Cycle. I'm of the view the cycle low is well in. But the weekly Cycle is in decline. Any drop over the next few months is part of that process and back-filling. pic.twitter.com/t6YOmAObJr — Bob Loukas 🗽 (@BobLoukas) November 5, 2026

Jasper De Maere of Wintermute urged caution in interpreting a single day of selling. He said cryptocurrencies had held up relatively well compared with AI stocks and described the medium-term outlook as “glass half full.” De Maere added that correlations across asset classes were high and said investors should watch for bargains over time.

At the time of writing, bitcoin was trading just below $76,000. The report was originally published by CoinCentral.