Key Points
Key Points
- Bitcoin lost its post-election gains in one brutal day, falling below $76,000 as tech stocks tumbled and over $1 billion in leveraged crypto bets were liquidated.
On This Page
Bitcoin had a great day on Wednesday. Then Thursday took it all back. Just one day after Bitcoin climbed back above $80,000, it crashed below $76,000. More than $1 billion in crypto bets were wiped out in a single day. Here I explain what happened, why it happened, and what to watch next. Every number here comes from a named source I checked myself.
**Why you can trust this post:** I checked the facts against reports from The Block and CoinDesk, published on 5 November 2026, plus options data for today.
## In This Post
– What happened to Bitcoin, in plain words
– Why tech stocks dragged Bitcoin down
– What $1 billion in liquidations really means
– The $2.86 billion options expiry today
– What the experts are watching next
– Your questions, answered
## What Happened to Bitcoin in Plain Words
On Wednesday, Bitcoin climbed back above $80,000 after the US midterm elections. Then Thursday arrived, and the mood flipped.
Bitcoin fell about 6% in one day to $75,700, according to The Block. At its worst point, it touched $75,568, its lowest since mid-September, CoinDesk reported. Ethereum fell more than 7% to $2,247. XRP and Solana each fell by more than 6%, FXStreet reported.
The rally lasted about one day. By Friday morning, Bitcoin was still near $76,000, and the Fear and Greed Index stood at 31, which means “fear”, Chosun Biz reported.
## Why Tech Stocks Dragged Bitcoin Down
The answer starts on Wall Street. On Thursday, US tech stocks had a terrible day. Investors worried about artificial intelligence spending, data centres, and tighter rules after the Democrats won control of both houses of Congress. Read our full report here: [Democrats sweep Congress in 2026 US midterm results](https://caawnews.com/democrats-sweep-congress-2026-us-midterms-results/).
The tech-heavy Nasdaq fell 4.7% by the afternoon, The Block reported. The Dow Jones and the S&P 500 were each down about 3%. The VIX, a measure of fear on Wall Street, jumped by about 60%. When big investors get scared, they sell risky things first.
The same things that pushed Bitcoin up on Wednesday pushed it down on Thursday. [Our report on Bitcoin climbing back above $80,000](https://caawnews.com/bitcoin-back-above-80000-november-2026/) covered that rally. Wintermute trader Jasper De Maere told The Block it came from relief after the Binance hack, election excitement, hopes for slower AI spending, and falling oil prices. But all of those proved short-lived. “It actually didn’t really matter,” he said. Crypto stocks fell even harder: Coinbase and Strategy each fell about 10%, while Bitdeer and Keel Infrastructure each fell about 20%.
## What $1 Billion in Liquidations Really Means
Now let us talk about the number that shocked me most: more than $1 billion.
A **liquidation** happens when a trader borrows money to bet on prices going up, and the price falls instead. The exchange closes the trade by force, and the trader loses their money.
According to CoinGlass data cited by The Block, about $880 million in positions were liquidated in just four hours. Of that, $818.9 million were **long positions**, bets that prices would rise. Only $61 million were **short positions**.
Over the full 24 hours, total liquidations reached nearly $1.1 billion and affected nearly 211,000 traders. CoinDesk called it the largest wipeout since 28 to 29 October, when Bitcoin tumbled from nearly $82,000 to $76,000.
Liquidations also make a fall worse. Forced selling pushes prices down further and triggers more liquidations, like dominoes.
## The $2.86 Billion Options Expiry Today
Today, Friday 6 November, brings another big event. About $2.86 billion in Bitcoin and Ethereum options expire on Deribit at 08:00 UTC, Phemex News reported.
An **options expiry** is a deadline: traders buy options that give them the right to buy or sell crypto at a set price before a set time. For Bitcoin, about $2.64 billion in options expire today. The **max pain price** is $79,000, the price where the most option buyers would lose the most. For Ethereum, about $224.5 million in options expire, with a max pain price of $2,350. Max pain is not a prediction.
## What the Experts Are Watching Next
So what happens now? Nobody knows for sure. But the experts quoted in the reports are watching a few clear levels.
Wintermute named $73,000 and $68,000 as the next levels to watch if Bitcoin keeps falling. It would need to see Bitcoin convincingly reclaim and hold $80,000 before turning more positive. [Our Big Tech report](https://caawnews.com/big-tech-stocks-jump-ai-spending-slowdown-november-2026/) explains the AI spending worries behind this selloff. The US October jobs report is also due on Friday 6 November at 8:30 AM Eastern Time. [Our Bank of England report](https://caawnews.com/bank-of-england-raises-rates-4-percent-november-2026/) shows central banks still fighting inflation, and [our Brent crude report](https://caawnews.com/brent-crude-below-94-november-2026-oil-price-fall/) covers the oil fall that briefly helped the rally.
## What This Means for You
I am not here to tell you to buy or sell. But this week taught us three things. First, Bitcoin still moves with tech stocks. Second, fast rallies built on relief can fade fast: Wednesday’s jump above $80,000 lasted one day. Third, leverage is dangerous. Nearly 211,000 traders were liquidated in 24 hours, while simple holders still own their coins.
## Frequently Asked Questions
**Why did Bitcoin crash below $76,000?**
Bitcoin fell about 6% on 5 November 2026 after a sharp selloff in US tech and AI stocks spilled into crypto. The Nasdaq fell 4.7%. Bitcoin dropped to $75,700, with a low of $75,568, according to The Block.
**How much money was liquidated?**
Nearly $1.1 billion in leveraged positions over 24 hours, according to CoinGlass data cited by The Block. About $880 million of that happened in just four hours.
**What is the $2.86 billion options expiry on 6 November?**
About $2.86 billion in Bitcoin and Ethereum options expire on Deribit at 08:00 UTC on Friday 6 November, Phemex News reported. Bitcoin accounts for about $2.64 billion, with a max pain price of $79,000. Ethereum accounts for about $224.5 million, with a max pain price of $2,350.
**What price levels are traders watching?**
Wintermute named $73,000 and $68,000 as the next levels to watch if Bitcoin keeps falling, The Block reported. On the upside, Bitcoin would need to reclaim and hold $80,000.
**Will Bitcoin recover soon?**
That is not confirmed. The market is waiting for the US October jobs report on 6 November.
## Final Thoughts
This was a painful day for crypto holders. A rally that felt like a fresh start vanished in hours. More than 200,000 traders lost their leveraged bets. But days like this teach the same lesson every time. The people who survive stay calm, check the facts, and never bet more than they can afford to lose. Bitcoin is still near $76,000, not zero. Do not let one red day decide your future.
React to this story
