Bitcoin fell about 5% on Thursday morning, dropping from above $80,800 to near $76,000 after a sharp selloff in technology stocks spread into crypto assets. The Nasdaq Composite lost as much as 3.9%, the S&P 500 fell about 2%, and artificial intelligence-related stocks were hit particularly hard. Roughly $370 million in leveraged crypto positions were liquidated within an hour, mostly long bets, as forced selling pushed bitcoin below $77,000 in support. Lower-than-expected initial jobless claims reduced expectations of interest rate cuts, while bitcoin traded near $76,200, making the $75,000 area the next major support level to watch.
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