Bitcoin Sinks to $75,220 as Broader Markets Erase Post-Midterm Gains
Leading cryptocurrencies sank alongside stocks on Thursday as investors priced in artificial intelligence sector risks following Democratic control of Congress, Benzinga reported. Bitcoin cratered to $75,220, marking its lowest level since mid-September, while Ethereum fell to a range between $2,230 and $2,315 to hit its lowest point in nearly 10 weeks.
The cryptocurrency market sell-off wiped out approximately $1.2 billion in margin positions over a 24-hour window. Data from Coinglass showed that $1.10 billion of those liquidations stemmed directly from long positions as prices cascaded downward. Bitcoin’s open interest dropped by 1.78% during the same timeframe. Meanwhile, cryptocurrency-related equities sustained heavy losses, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 9.29% and 12.56%, respectively.
Equities Plunge and Data Center Risks Drive Market Sentiment
Traditional stock indexes took a severe beating on Thursday, wiping out post-midterm election gains and logging their worst session since April 2025. The Dow Jones Industrial Average plunged 1,833.06 points, or 3.44%, to close at 51,523.06. The S&P 500 shed 4.36% to end at 7,353.73, and the tech-heavy Nasdaq Composite fell 5.52% to finish at 24,315.00.
Investors priced in the concrete risk that data center construction would slow down, particularly in Texas, where developers have planned a significant portion of the next wave of AI compute capacity. Amid the broader financial retreat, U.S. initial jobless claims declined by 6,000 to 189,000 in the final week of October, coming in below market expectations of 196,000. Market sentiment quickly shifted back to “Fear,” according to the Crypto Fear & Greed Index.
Derivatives Traders Turn Bullish as Santiment Points to Counter-Signals
Retail and whale derivatives traders on Binance bucked the immediate price action by turning “Extremely Bullish” during the drawdown. On-chain analytics firm Santiment noted that Bitcoin moved against crowd expectations following the midterms, observing an initial spike in bullish social commentary on relief that quickly reversed into a sharp price decline on Thursday, which in turn triggered heavy bearish discussions.
Retail traders often chase rallies and panic after drops, which is why sentiment extremes can become valuable counter-signals,
Santiment stated, adding that the setup favors watching for a relief rally rather than chasing the ongoing sell-off.
Analyst Projects Bitcoin Bottom Following $75,000 Sweep
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, pointed out that Bitcoin held up relatively better than the Nasdaq during the rout. He noted that the magnitude of the cryptocurrency’s decline is comparable only to the market crash of March 2020. The analyst projected a Bitcoin market bottom on Friday, potentially arriving after a sweep of the $75,000 price level.
