THE BLOCK · 2026-11-05 20:11 UTC

Bitcoin erases post-election gains as Wall Street selloff triggers over $1 billion in crypto liquidations

Bitcoin fell 6% to $75,700 and Ethereum dropped 7% to $2,247 as a U.S. tech stock selloff spilled into crypto markets, erasing post-election gains. Over $1.09 billion in crypto derivatives positions were liquidated in 24 hours, affecting 211,000 traders, with $879.92 million liquidated in a four-hour period. Analysts say midterm election results generated only temporary optimism and haven't resolved underlying macroeconomic uncertainties or regulatory concerns facing crypto.

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