In four hours, the crypto market lost $140 billion in market capitalization as Bitcoin fell below the $76,000 support level on November 5. Bitcoin reached a low of about $75,900, undoing its rebound above $80,000 recorded on November 4. According to CoinGlass, $1.05 billion in leveraged positions were liquidated over 24 hours, including $926.81 million in longs, while $872.48 million was liquidated in four hours. The decline coincided with a drop in U.S. technology stocks, concerns about Federal Reserve monetary policy and uncertainty over regulation before the midterm elections. The 30-day correlation between Bitcoin and the Nasdaq 100 reached 0.68, while the market remains affected by the theft of about $6.3 billion in assets from Binance at the end of October.
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