#nasdaq100tumbles6%
📉 The Nasdaq 100 fell 6.4% in a single session, wiping out about $2.3T. Cryptocurrencies felt the impact immediately.
What triggered the drop
AI-related stocks plunged after Democratic victories in the midterm elections reignited fears of stricter controls on data center development. The semiconductor index fell about 12%, its worst day since March 2020, with industry leaders driving the decline.
Impact on cryptocurrencies
bitcoin fell about 5.6%, from over $80K to around $76K. $
About $1.09B in positions were liquidated in 24 hours, nearly 88% of them long positions.
My analysis
Sources agree on the cause but differ on the scale ($2.3T versus $2.5T, Nasdaq 100 versus Nasdaq Composite). This looks like a leveraged-position unwind adding to a stock market shock. Inflows of $74.6M into spot Bitcoin ETFs on November 4 weren’t enough to absorb the shock.
Levels to watch
Bitcoin support: $75K–$76K (it fell below the 50-week moving average, near $75.7K). A daily close above $80K would signal a recovery.
Takeaway: bitcoin moves like a high-beta tech asset. Watch Nasdaq futures before cryptocurrency charts. This is not financial advice.
$AKE
$BTC
$UAI
📉 The Nasdaq 100 fell 6.4% in a single session, wiping out about $2.3T. Cryptocurrencies felt the impact immediately.
What triggered the drop
AI-related stocks plunged after Democratic victories in the midterm elections reignited fears of stricter controls on data center development. The semiconductor index fell about 12%, its worst day since March 2020, with industry leaders driving the decline.
Impact on cryptocurrencies
bitcoin fell about 5.6%, from over $80K to around $76K. $
About $1.09B in positions were liquidated in 24 hours, nearly 88% of them long positions.
My analysis
Sources agree on the cause but differ on the scale ($2.3T versus $2.5T, Nasdaq 100 versus Nasdaq Composite). This looks like a leveraged-position unwind adding to a stock market shock. Inflows of $74.6M into spot Bitcoin ETFs on November 4 weren’t enough to absorb the shock.
Levels to watch
Bitcoin support: $75K–$76K (it fell below the 50-week moving average, near $75.7K). A daily close above $80K would signal a recovery.
Takeaway: bitcoin moves like a high-beta tech asset. Watch Nasdaq futures before cryptocurrency charts. This is not financial advice.
$AKE
$BTC
$UAI
