Bitcoin price crashes to $76,000 after post-election rally collapses
Bitcoin tumbled 5% below $76,000 Thursday as investors fled riskier assets, erasing $370 billion from the crypto market.
Bitcoin fell below $76,000 on Thursday, wiping out a strong Wednesday rally. The rally had pushed it above $80,000 after Democrats won control of both chambers in the US midterms.
The fall pulled crypto stocks down hard. Coinbase, Robinhood and Strategy all dropped 9 percent or more.
Global crypto assets lost 5 percent of their value overall, erasing $370 billion. The collapse follows a $6.3 billion hack of Binance last week.
Research firm K33 had warned that thin trading and high leverage made bitcoin vulnerable to sharp price swings. Meanwhile, chances for the Clarity Act, a bill the crypto industry has long wanted, have dimmed after Democratic gains.
- Below $76,000
- Bitcoin price Thursday
- $370 billion
- Crypto market value erased
- 5 percent
- Bitcoin and crypto assets decline
- $6.3 billion
- Binance hack last week
Why it mattersBitcoin's wild swings show the crypto market remains fragile and vulnerable to political shifts and security breaches.
AustraliaAustralian investors and crypto traders are exposed to these price swings, which can wipe out holdings or create sudden opportunities.
