Key Insights: The crypto market crash sent Bitcoin price to $75,463, its lowest level since Sept. 16. Crypto liquidations topped $1 billion in 24 hours, with longs accounting for nearly 90%.
The crypto market crash deepened Thursday, November 5, 2026, as Bitcoin slid below $76,000 and technology stocks extended losses. Liquidations topped $1 billion after earlier data showed longs absorbed 88.4% of forced closures. Bitcoin briefly traded below its $75,733 weekly average as technology stocks sold off.
The 24-hour crypto liquidation tally climbed to $1.03 billion, according to CoinGlass figures. It had stood below $850 million in an earlier reading. Ethereum fell below $2,300, while shares of Coinbase and Strategy dropped at least 9% intraday.
Forced closures picked up after Wall Street opened as Thursday’s selling erased the rebound that followed the U.S. midterm elections.
After trading at $75,618 as ballots were counted, Bitcoin reached $81,105 on Wednesday. The rebound followed Democratic victories in both chambers of Congress in the Nov. 3 midterms. According to TradingView data, Bitcoin hovered near $80,000 before the crypto market crash picked up around 10 a.m. Eastern on Thursday.
BTC Price Amid Crypto Market Crash | Source: TradingView
The Nasdaq Composite fell 4.2% in morning trading, reaching its lowest point since July 29. The S&P 500 dropped 2.7%. Chip stocks led the slide as Qualcomm fell on weaker-than-expected smartphone chip sales. Investors also weighed whether closer scrutiny of new data centers could slow spending on artificial intelligence infrastructure.
Economist Mohamed El-Erian questioned whether the new Congress would slow the sector. He also asked how the economy would fare if technology earnings and investment stopped supporting growth.
Oil rose during the selloff. West Texas Intermediate climbed back above $90 a barrel, while Brent gained about 2.5% to trade near $97. The rebound came as reports of fresh attacks on tankers in the Middle East revived supply concerns.
During the crypto market crash, CoinGlass put 24-hour liquidations at $838.54 million. Long positions, which gain when prices rise, accounted for $741.04 million. Exchanges liquidated about $555 million in the hour through 10:30 a.m. Eastern, including about $520 million in long positions.
Crypto Market Liquidations | Source: CoinGlass
In the latest reading, about $925 million in long positions accounted for nearly 90% of the total. Bitcoin led with roughly $256 million in liquidations, followed by Ether at about $164 million.
An exchange triggers a crypto liquidation when the collateral backing a leveraged trade falls below its margin requirement. Forced sales from liquidated longs can deepen declines when buyers pull back.
Binance accounted for nearly half the dollar value of liquidations in the latest reading. The crypto market crash came a week after an Oct. 29 security breach at the exchange. Binance said the incident affected about $6.34 billion in assets and pledged to cover the losses.
During the crypto market crash, the Bitcoin price fell $270 below its 50-week moving average of $75,733. It also dipped beneath the $75,600 to $76,000 band, where buyers stepped in during the election-night drop. That put BTC near the bottom of its one-month trading range.
The simple moving average uses the past 50 weekly closes. It has helped contain Bitcoin’s declines since mid-September. A weekly close below the line would give traders a clearer sign that support had weakened.
Bitcoin Price Analysis | Source: Rekt Capital, X
Analyst Rekt Capital drew a parallel with May, when Bitcoin traded around $80,000 before breaking lower. That slide carried BTC to about $57,000 by late June.
If Bitcoin recovers from the crypto market crash, its first resistance band sits between $80,000 and $81,105. The upper end marks Wednesday’s intraday peak on Bitstamp.
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