CryptoSlate
Bitcoin fell to an intraday low of $75,568 on Thursday before recovering to $76,830.67, as a technology-stock rout spread into crypto markets. More than 201,000 traders were affected by roughly $1 billion in leveraged liquidations over 24 hours, according to CoinGlass. The Kobeissi Letter estimated that US stocks lost $2.5 trillion in market value.
Why it matters
The selloff followed Democratic midterm victories and growing investor concern that political oversight, higher construction costs and local opposition could slow data-center development. Those pressures have put the expected returns on the AI infrastructure boom under scrutiny.
Citrini Research said expectations for AI infrastructure spending may have peaked, while economist Mohamed El-Erian cautioned against assuming Democratic control of Congress would necessarily cause a substantial slowdown in technology.
Market impact
The Nasdaq Composite fell 4.9% and entered correction territory, more than 10% below its October record. The S&P 500 lost 3.2%, and the Dow shed more than 1,100 points. Nvidia fell below $200 for the first time since August.
Bullish trades accounted for $926.8 million of crypto liquidations, nearly 89% of the total, versus $118.2 million in bearish positions. Bitcoin accounted for $264.2 million, Ethereum for $165.3 million and Solana for $33.5 million. The largest single liquidation was a $10.94 million ETH long on Binance.
Frequently asked questions
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How far did Bitcoin recover from its intraday low?
Bitcoin recovered to $76,830.67 after falling to an intraday low of $75,568.
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How much of the liquidation total came from bullish positions?
Bullish positions accounted for $926.8 million, nearly 89% of the total, compared with $118.2 million in bearish positions.
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How did Ethereum and Solana compare with Bitcoin liquidations?
Bitcoin accounted for $264.2 million in liquidations, Ethereum for $165.3 million and Solana for $33.5 million.
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What pressures are investors watching in AI infrastructure?
Investors are assessing whether political oversight, higher construction costs and local opposition to data centers will slow development and affect expected returns.
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How did the Nasdaq Composite perform during the selloff?
The Nasdaq Composite fell 4.9% and entered correction territory, more than 10% below its October record.
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