Bitcoin falls to $76,000 as stock sell-off erases election rally
Bitcoin fell 5.37% to $76,029 as a Wall Street sell-off erased its post-election gains, with Ether down 7.12% and $428 million in longs liquidated.
Live chart · BTCUSD, ETHUSD, SOLUSDT · TradingView
Bitcoin gave back its entire post-election rally, falling to $76,029 as US stocks sold off at the Wall Street open. The drop came hours after Bitcoin held above $80,000 on the Democratic midterm sweep, and it pulled the whole crypto market lower.
Bitcoin
According to CoinGecko data at 17:22 UTC on 5 November, Bitcoin traded at $76,029, down 5.37% in 24 hours and 6.52% over seven days. The 24-hour range ran from a high of $80,882 to a low of $75,573. Trading volume reached $39.1 billion.
Cointelegraph reports that Bitcoin fell 6% to a seven-week low as stocks saw a snap sell-off that reversed their post-election gains. Decrypt says the slide followed a plunge in AI stocks, and that $428 million in crypto long positions were liquidated. Decrypt adds that Wednesday's rally had been fuelled partly by short covering. You can follow the move on the BTC/USD chart.
Earlier in the day, CoinDesk's US day-ahead note described Bitcoin as resilient but said leverage was missing and demand still tepid.
Ether and the majors
Ether fell harder than Bitcoin, down 7.12% to $2,254.45 after touching $2,239.79. Solana, Dogecoin and Cardano are all down more than 10% over the week.
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Ether (ETH) | 2,254.45 | -7.12 | -4.26 |
| BNB | 692.51 | -3.30 | -7.60 |
| XRP | 1.24 | -5.32 | -4.92 |
| Solana (SOL) | 89.81 | -6.17 | -11.98 |
| Dogecoin (DOGE) | 0.071751 | -6.52 | -10.52 |
| Cardano (ADA) | 0.181862 | -7.56 | -11.22 |
Market breadth and sentiment
Total crypto market capitalisation stood at $2.571 trillion, down 7.59% in 24 hours. Bitcoin dominance was 59.2% and Ether dominance 10.7%.
The Crypto Fear & Greed Index reads 50, or Neutral, for 5 November. That is up from 34 a day earlier and 26 on 3 November. This reading was already in place before the afternoon sell-off, so it does not yet reflect the reversal. The index was last at a similar level on 29 October, at 51.
What drove the day
Policy after the midterms. Decrypt reports that Democrats plan to push a broader crypto market structure bill. Analysts told Decrypt the Clarity Act's path has become tougher. Separately, SkyBridge founder Anthony Scaramucci told Cointelegraph that Trump's memecoin ventures and disputes over ethics rules derailed the bill. For the currency side of the election fallout, see our sister site's report on the dollar's post-midterm moves.
Binance security fallout. CoinDesk reports that Binance cut trading connections to third-party platform SignalPlus after a security warning. Decrypt notes the exchange said its own systems and user funds are unaffected. CoinDesk also published a profile of TraderTraitor, the group behind the $6.3 billion heist. Gate CEO Lin Han told CoinDesk that exchanges must prove they can survive a similar hack.
Insurance and adoption. Crypto insurer Soter raised $23.5 million with backing from Standard Chartered and SBI, CoinDesk reports. Decrypt says eligible US Galaxy users can now hold and send USDC on Solana inside Samsung Wallet.
What to watch next
- US market structure bill: whether Democrats' broader bill takes shape, per Decrypt.
- Gate audit: CoinDesk says an independent audit of Gate's reserves is underway.
- Thailand and Bitget: Cointelegraph reports access to Bitget's website and app is set to be blocked from 5 December.
- South Korea tax: the government is seeking a fourth delay to its 22% crypto tax, targeting a 2029 start, according to Cointelegraph.
- France: stablecoin tax and self-custody reporting amendments fell away with the budget but could return in the Senate, Cointelegraph reports.
- Ukraine: the central bank wants the crypto bill revised before a final vote, per CoinDesk.
CryptoClick Desk
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.