Bitcoin drops below $76,000 as risk assets slide and tech stocks tumble

Bitcoin slipped below $76,000 on Thursday, falling in tandem with a sharp reversal across global risk assets. The sudden drop followed a period of gains spurred by the US midterm elections, as traders appeared to move away from technology stocks and other risk-driven investments. According to TradingView data, BTC/USD plunged more than 6% to reach $75,463 on Bitstamp, marking its lowest level since September 16. This deepened pressure on Bitcoin, which briefly fell beneath its 50-week simple moving average at $75,733, testing a key support level for the asset. The risk-off shift was evident in traditional markets as well. After Democrats secured control of both the House of Representatives and the Senate in the US midterms, equities initially posted swift gains.

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