Bitcoin Gives Back Election Rally as Tech Rout Spreads to Crypto

By Coinvote

Published November 7, 2026 - 15:22 UTC | 5 mins read

Bitcoin Gives Back Election Rally as Tech Rout Spreads to Crypto

Bitcoin dropped to its lowest level since mid-September on Thursday as a sharp fall in US tech stocks reversed a post-midterm rebound. Outlets report liquidations ranging from hundreds of millions to more than $1 billion, depending on the time window measured.

Bitcoin hands back its post-midterm bounce

Bitcoin fell about 6% on Thursday to roughly $75,700, according to The Block, which said ether lost 7% in the same move. Cointelegraph put the intraday low at $75,463 on Bitstamp, the weakest print since Sept. 16, and said the drop came at the Wall Street open.

Decrypt described the move as a full reversal of Wednesday's rebound, which had pushed Bitcoin above $80,000. In its account, the price slid back toward the levels that preceded that jump, and roughly nine in ten of the largest 100 cryptocurrencies posted losses during the selloff.

Why a tech selloff dragged crypto down

Cointelegraph reported that equities sold off sharply after a rally tied to the Democratic sweep of the House and Senate. The S&P 500 fell 2.7%, and the Nasdaq Composite lost more than 4% to reach its lowest level since July 29. Oil also climbed, with WTI back above $90 a barrel, amid reports of fresh tanker strikes in the Middle East.

Decrypt tied the damage to doubts about the AI buildout. Decrypt reported that voters in at least 29 U.S. jurisdictions supported curbs on building data centers, though some of those measures are not legally binding. Decrypt, citing Reuters, said UBS estimates that possible halts put at risk 30% of the data-center capacity the U.S. has planned to add in 2028. The Philadelphia Semiconductor Index dropped about 8%, according to the same report.

Decrypt also quoted Bitwise Europe analyst André Dragosch as saying the Democratic sweep was "largely priced in." That framing suggests the election result alone does not explain the size of the move.

How forced liquidations amplified the fall

Wednesday's advance was partly mechanical, Decrypt argued. According to CoinGlass data cited by Decrypt, short positions worth about $378 million were wiped out within an hour while Bitcoin climbed past $80,000, meaning some of the buying came from traders closing losing bets rather than from new demand.

Thursday ran the same process in reverse. Exchanges automatically close leveraged long positions that no longer meet margin requirements, and those forced sales push prices lower and trigger further closures. Decrypt counted roughly $428 million in longs liquidated in a single hour.

The key numbers across the three reports

The figures below come from different outlets and different time windows, so they are not directly additive.

The Block: Bitcoin down 6% to $75,700, ether down 7%, and $1.03 billion in liquidations.
Cointelegraph: Bitcoin at $75,463, with nearly $500 million liquidated in the first hour of US trading and nearly $850 million over 24 hours, per CoinGlass.
Decrypt: Bitcoin near $76,500, down nearly 5%, with the S&P 500 down about 2.6% and the Nasdaq down nearly 4%.
Technical levels: Cointelegraph flagged the 50-week simple moving average at $75,733, while Decrypt named $75,000 as the next test and $80,000 as the level to reclaim.

Where the outlets agree and where they differ

All three outlets link the crypto drop to a sharp reversal in US equities, and all place the low in the $75,000 to $76,500 range. The differences lie in timing and scope. Cointelegraph and Decrypt wrote while the session was still under way, which explains the smaller percentage drops and stock-index moves in their reports.

The liquidation totals diverge most. The Block's $1.03 billion is the largest figure, and its coverage is limited to a headline and summary, so its measurement window is not stated. Cointelegraph's nearly $850 million covers 24 hours, and Decrypt's $428 million covers one hour of longs only. Cointelegraph also cited CoinGlass directly, while Decrypt cited CoinGlass only for the earlier short liquidations.

Each outlet also adds something the others lack. Cointelegraph supplies the oil move and the chart levels, and Decrypt supplies the data-center politics and the leverage mechanics. The Block offers the ether move.

What the selloff means for traders and token teams

Crypto entered the week weakened. Decrypt said the crypto market had shed about $300 billion in value during the prior month, with concerns over AI spending, rising interest costs and the aftermath of a Binance hack last week involving billions of dollars. CoinGecko data shows Bitcoin at $75,823, down 7.6% over 30 days and well below its October 2025 record of $126,080. Ether trades at $2,241, down 10.9% over 30 days.

Policy risk is also in play. Decrypt reported that a Democratic-led Congress makes it harder to restart the stalled Clarity Act, a proposed federal framework for digital assets, though the new Congress is not seated until January. Traders also expect another Federal Reserve rate increase in December, and Decrypt noted that higher rates generally weigh on demand for speculative assets.

Project teams on Ethereum can see how conditions look in practice on Coinvote's list of new Ethereum token listings, where 15 projects were listed in the past seven days. Teams planning launches may also check the Ethereum meme coin rankings for current community voting activity, which stood at 22 votes today. Ethereum's DeFi total value locked stands at $43.47 billion, according to DefiLlama.

Open questions after the drop

The first question is whether Thursday's daily candle confirms a bearish engulfing pattern. Decrypt noted that the candle had not closed, so the pattern remained unconfirmed when it wrote. Cointelegraph said Bitcoin risked losing support at the 50-week average.

Analyst Rekt Capital, quoted by Cointelegraph, pointed to a similar setup in May, when rangebound trading around $80,000 gave way to a breakdown toward $57,000 in late June. Whether that comparison holds is an open question. Friday's October jobs report could shift rate expectations, as Decrypt noted. Economist Mohamed El-Erian told readers he was unsure the shift in Congress would slow tech, which leaves the equity-crypto link as the main variable to watch.

Market snapshot

Asset	Price	24h	7d	Market cap
Bitcoin (BTC)	$75,823	+0.3%	-2.0%	$1.52 trillion
Ethereum (ETH)	$2,241	+0.7%	-0.2%	$273.87 billion

CoinGecko data as of 2026-11-07 (UTC); DeFi TVL from DefiLlama: Ethereum $43.47 billion.

On Coinvote

New Ethereum Tokens Listed Today: 2,945 projects tracked, 15 new listings in 7 days, 36 community votes today.
Best Ethereum Meme Coins Today: 262 projects tracked, 5 new listings in 7 days, 22 community votes today.

FAQ

How far did Bitcoin fall on Thursday?

The Block reported a 6% drop to $75,700, while Cointelegraph recorded a low of $75,463 on Bitstamp, the weakest since Sept. 16. Decrypt, writing earlier in the session, reported a decline of nearly 5% to about $76,500.

How much was liquidated in the crypto selloff?

The Block cited $1.03 billion in liquidations. Cointelegraph reported nearly $850 million over 24 hours, per CoinGlass, and Decrypt counted roughly $428 million in longs in one hour. The totals differ because the outlets measured different windows.

Why did crypto fall alongside US stocks?

Cointelegraph reported that traders rotated out of tech after a post-election rally. Decrypt pointed to doubts about AI spending, data-center restrictions, interest-rate expectations and leveraged longs being forced to close.