Bitcoin traded near $76,000 on Thursday afternoon, down more than 5% on the day as a Nasdaq-led selloff in chip and AI stocks deepened into correction territory. The price briefly tested support near $75,400 before stabilizing just under $76,000 into the final hour of U.S. cash trading, marking its biggest single-day slide since June.
The Nasdaq Composite fell about 5% and dropped more than 10% below its record close set last month. The S&P 500 lost roughly 4%, and the Dow shed more than 1,600 points. Semiconductors led the decline, with the Philadelphia Semiconductor Index sinking about 11%. Nvidia and Broadcomm each fell around 9%, while Tesla dropped about 11%.
Forced liquidations accelerated the selloff. Roughly $1.08 billion in leveraged crypto positions were liquidated over 24 hours, including about $954 million in long bets. Nearly $900 million of that wipeout came in a roughly four-hour stretch after the U.S. open. Ether fell below $2,300 during the flush.
Crypto equities tracked the decline. MicroStrategy fell more than 10%, as did Coinbase and Circle. Bitcoin miners dropped as much as 20%, including CleanSpark, Cipher, and TeraWulf, each down more than 12%. Keel Infrastructure, which sold its entire bitcoin treasury for $192 million in October, slid about 20%.
Traders attributed the move partly to repricing expectations for AI capital spending. Investors are pricing in a slower AI data-center buildout under a Democratic Congress, with the $1.2 trillion forecast for next year now being reworked.
Bitcoin has moved with the AI-heavy complex for most of the year. Miners that sold bitcoin to fund data centers face risk on both fronts, as political uncertainty around power and construction hits infrastructure names.
Traders are watching whether bitcoin can hold the mid-$75,000 area that served as support on election night and several times since August. A clean break would leave room to run lower, putting the September low back in view.