Bitcoin near $75,600 after $1 billion liquidations and strong jobs data

Bitcoin traded at $75,625 in CoinGecko data at 16:44 UTC on November 6, down 1.12% in 24 hours, as the fallout from Thursday's AI-led stock rout pushed crypto liquidations past $1 billion. A much stronger than expected US jobs report added a new macro factor, though Bitcoin has so far held a narrow range.

Bitcoin holds a tight range after the flush

Since our last update, Bitcoin has slipped further from $75,962. Its 24-hour range ran from $74,921 to $76,449, and it is down 1.86% over seven days, according to CoinGecko. Trading volume was $36.5 billion.

Decrypt reports that Bitcoin fell toward $75,500 to test an 11-week low after AI stocks plunged, with over $1 billion wiped out in crypto derivatives. CoinDesk said the liquidated positions were mostly bullish bets and that ETF flows suggest no help for the spot market. In a separate report, CoinDesk noted that Bitcoin ETFs shed $430 million after the tech rout.

You can follow the move on the BTC/USD chart.

Ether and the majors

Ether fell 1.86% to $2,225.13, trading between $2,208.54 and $2,265.81. XRP was the weakest large coin, down 4.5% on the day. Cardano, Dogecoin and BNB posted small gains.

Market breadth and sentiment

Total crypto market value stood at $2.564 trillion, down 2.85% in 24 hours. Bitcoin dominance was 59.1% and Ether dominance 10.6%.

The Crypto Fear & Greed Index reads 28, in Fear. That is down from a neutral 50 on November 5, the only non-Fear reading in the past eight days. The index has ranged between 26 and 37 for most of that period.

Main drivers

Strong US payrolls. The US added 165,000 jobs in October against a 65,000 estimate, and unemployment unexpectedly fell to 4.1%, CoinDesk reports. CoinDesk wrote that the data puts a December rate hike in play. In its live coverage, CoinDesk said chip stocks led a rebound in the broader market on Friday while Bitcoin held in a narrow range. Our sister site covers the currency side of the yen's safe-haven demand during the Nasdaq rout.

Stress spreads to Asia. Cointelegraph reports that fears over US AI regulation hit Asian markets, with South Korea's KOSPI halted after an 8% crash.

More security incidents. Gnosis Pay said hackers accessed customer data on a legacy card system, though funds were not affected, according to Decrypt. South Korea's GOPAX suspended trading, deposits and standard withdrawals after a hacking threat, Cointelegraph reports. Elliptic says $3.1 billion of the stolen Binance crypto has not yet been laundered, Decrypt reports.

Regulation. Thailand's SEC filed a criminal complaint against Bitget's operator, CoinDesk reports. Greece approved a 10% tax on crypto gains and a 15% levy on DeFi income, according to CoinDesk.

What to watch next

• US inflation data next week. CoinDesk said these numbers, and the stock market, could matter more than the jobs report for a December rate decision.
• Ethereum's Glamsterdam upgrade. Developers will not fork it on the Hoodi testnet until smart contract risks tied to EIP-8037 and EIP-8038 are resolved, Cointelegraph reports.
• The CLARITY Act. Cointelegraph examines the new test the bill faces under a Democratic-controlled Congress.
• AI sentiment. Decrypt reports, citing The Wall Street Journal, that Anthropic's IPO valuation could be cut to $1 trillion, with prediction markets betting on a December listing.

CryptoClick Desk