Why Is Crypto Down Today? Bitcoin Drops Below $76,000

Crypto's total market value fell about 5.4% over 24 hours to $2.54 trillion by early Friday, 6 November, with Bitcoin at $75,551, Ether at $2,221 and XRP at $1.20. Thursday's session took Bitcoin as low as $75,463, its weakest level since the start of the month, and the 24-hour losses reached 6.09% for Bitcoin, 8.32% for Ether and 8.33% for XRP.

• The news: crypto's total market cap fell about 5.4% in 24 hours to $2.54 trillion by early Friday, 6 November, after a selloff in US technology stocks.
• The key figure: Bitcoin traded at $75,551 on 6 November, down 6.09% over 24 hours, after dipping to $75,463 on Thursday, its lowest since the start of the month.
• What's next: Friday's US jobs report and Bitcoin's 200-day EMA at $76,504 are the near-term markers; a close back above that average would ease the bearish bias, a break under $75,463 would extend it.

Bitcoin Gave Back Its Post-Midterm Bounce

Bitcoin fell 6.03% over 24 hours to $75,581.52, giving back a rebound above $80,000 that followed the Democratic Party's congressional victory. Ether, which had pushed above $2,400 earlier in the week on the same midterm result, erased that gain and slipped toward the $2,200 demand area.

From January, Democrats will hold majorities in both the House of Representatives and the Senate after edging Republicans in the midterms. That puts Senator Elizabeth Warren, a longtime crypto critic, in line to chair the Senate Banking Committee from early 2027, a change expected to raise scrutiny on crypto regulation.

Longs Took the Damage

Liquidations ran one way. Of $1.08 billion wiped out in one day on Thursday, about $954 million came from long positions, and the cumulative total was near $1.25 billion with longs at $1.11 billion by early Friday. In the heaviest four hours of Thursday's selling, exchanges cleared nearly $900 million of leveraged wagers.

Earlier in the week the pain was the other way. During Wednesday's rebound, traders betting on a decline saw $378 million of short positions liquidated within one hour.

ETF Outflows Stepped Up With the Equity Rout

US spot Bitcoin and Ether ETFs lost a combined $530 million on 5 November, as the equity selloff erased crypto's post-midterm gains. None of the 12 Bitcoin funds booked positive net flows during Thursday's session.

BlackRock's IBIT extended a five-day outflow streak to $1.04 billion, while Bitcoin ETFs shed $1.51 billion across the same five sessions. On the day, Bitcoin ETFs logged $430 million of net outflows, led by Fidelity's FBTC at about $200 million and IBIT at $105 million. Spot Ether ETFs saw $99.9 million of net outflows, $75.2 million of it from BlackRock's ETHA.

Those followed a Wednesday of inflows: Bitcoin funds took in $74.6 million and Ether funds $53 million. Thursday was the fourth session of net withdrawals in five trading days for both groups.

The Tech Selloff Set the Tone

The Nasdaq Composite fell 5.5% and the S&P 500 lost 4.3%, with technology stocks dropping the most. Crypto-linked equities moved with them: Coinbase and Strategy each fell about 10% on Thursday.

Investors also weighed political opposition to the rollout of data centers built to power artificial intelligence, adding to pressure on tech names. The Crypto Fear & Greed Index fell to 28, in Fear territory, on Friday from 37 the day before, after averaging 67 in Greed last month.

What to Watch in the Next 24 Hours

Friday's US jobs report could fuel further volatility in stocks, crypto and interest rates. On the chart, Bitcoin at $75,712 sits beneath a stack of moving averages: the 200-day EMA at $76,504, the 100-day at $77,770 and the 50-day near $79,821. Reclaiming the 200-day would be the first sign the near-term bearish bias is fading; a fresh low under $75,463 would reinforce it.

Friday's spot Bitcoin and Ether ETF flow figures were not final at the time of writing, so only 5 November's numbers are confirmed. In regulation, the CLARITY Act stalled in the Senate on 15 September when a procedural motion failed 49-50, short of the 60 votes needed to advance, while Warren's expected move to the Banking Committee chair from early 2027 points to tighter oversight.