Bitcoin Falls Below $76,000 as Tech Stock Rout Weakens Crypto Market
Summary
- Bitcoin (BTC) fell below $76,000 in the wake of a sharp selloff in U.S. technology stocks, hitting its lowest level in seven weeks.
- Concerns over tighter artificial intelligence (AI) regulation after the U.S. midterm elections, along with the Binance hacking incident, added pressure to risk appetite and intensified selling in the crypto market.
- About $1 billion was pulled from spot Bitcoin exchange-traded funds (ETFs), with roughly $900 million leaving BlackRock's IBIT, adding to downward pressure on Bitcoin prices.
Forecast Trend Report by Period
Bitcoin fell below $76,000 as a sharp selloff in U.S. technology stocks rippled through the crypto market. The token dropped as much as 5.8% during the session, touching its lowest level in seven weeks.
Walter Bloomberg reported on November 5 that Bitcoin slipped under $76,000 as Wall Street's selloff in technology shares spread to digital assets. Over the same period, the Nasdaq 100 Index tumbled 6.4%.
Concerns that artificial intelligence regulation could be tightened after Democrats won the U.S. midterm elections also weighed on sentiment toward risk assets.
Selling pressure in the crypto market was also fueled by the Binance hacking incident. Spot Bitcoin exchange-traded funds saw about $1 billion in net outflows.
Of that total, about $900 million came from BlackRock's spot Bitcoin ETF, IBIT, accounting for most of the overall outflows.
Meanwhile, Bitcoin was trading at $75,997.06 on Binance's Tether (USDT) market as of 2:20 a.m. on November 6, down 5.48% from a day earlier.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.