Crypto Markets Plunge as Bitcoin Sinks to $75,880 Amid Tech Sell-Off

Cryptocurrency markets experienced a sharp sell-off, dropping in tandem with a steep decline in New York technology stocks as the Nasdaq index fell 4% to 5%. Bitcoin tumbled 5.5% to trade around $75,880, while Ethereum dropped 7% to approximately $2,250. The downturn erased the recovery recorded earlier in the week following the US elections, as the tech stock sell-off rapidly spread to digital asset markets.

The widespread declines triggered forced liquidations of crypto derivatives exceeding $1 billion within a 24-hour period, according to data from CoinGlass. André Dragosch, an analyst at Bitwise Europe, noted that market adjustments had already priced in initial political shifts. Meanwhile, market focus shifted toward concerns over stricter regulatory oversight and potential hurdles for data center expansion, particularly in regions facing rising electricity costs and local opposition.

According to a Reuters report, UBS analysts estimate that potential development bottlenecks could jeopardize 30% of planned US data center capacity additions for 2028. In the crypto sector, the correction hit leveraged traders the hardest, resulting in the largest wave of position liquidations since late October, while total open interest in Bitcoin futures dropped below $26 billion.