Bitcoin crashes 6% to 7-week low as US stocks erase election gains
Summary
Bitcoin dropped more than 6% to $75,463, its lowest price since Sept. 16, as a broad reversal in risk assets erased gains following the US midterm elections. The Nasdaq fell over 4% and the S&P 500 lost 2.7%, while oil prices rose amid Middle East tensions. Crypto liquidations approached $850 million over 24 hours, including nearly $500 million in the first hour of US trading. Bitcoin neared the lower end of its month-long range and its 50-week moving average, around $75,733, raising the risk of a breakdown. Trader Rekt Capital said the price action resembled a May consolidation that preceded a decline to $57,000.
