Bitcoin Slumps Near $76,000 Amid Nasdaq Correction and $1B Liquidation

Bitcoin Slumps — Bitcoin’s price traded near $76,000 on Thursday, down over 5% as a sharp selloff in tech stocks triggered a cascade of forced selling in crypto markets.

The decline accelerated after the U.S. market open, with Bitcoin briefly testing support around $75,400. The move reversed a short-squeeze bounce from the previous day and marked Bitcoin’s largest single-day slide since June. The selloff was synchronized with a major correction in equities, as the Nasdaq Composite fell roughly 5% to enter correction territory, more than 10% below its recent record high.

Leveraged crypto positions worth approximately $1.08 billion were liquidated over 24 hours, with about $954 million of that being long bets. The bulk of the liquidations occurred in a four-hour window following the U.S. stock market open. Crypto-related equities also suffered heavy losses, with major names like MicroStrategy, Coinbase, and several bitcoin miners falling between 10% and 20%.

Traders are now watching to see if Bitcoin can hold support in the mid-$75,000 range, a level that has held several times since August. Market attention is shifting to upcoming economic data, including Friday’s October jobs report, as a key test for near-term direction.