Bitcoin Falls Below $76,000 as Chip Stocks Crash and Liquidations Hit $1 Billion: Why Is Crypto Down Today?
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Short answer to “why is crypto down today?” Bitcoin fell 6% to below $76,000 after a Wall Street chip-stock crash on Thursday, November 5, wiped out $1.03 billion in leveraged bets and pulled $430 million out of Bitcoin ETFs. The selling hasn’t stopped overnight. Bitcoin traded at about $75,700 on Binance on Friday morning, down from $80,547 at the start of Thursday. Ethereum lost 8.2% to $2,218, XRP fell 9.7% to $1.18 and Solana dropped 6.9% to $89.22. The Crypto Fear & Greed Index fell to 28, in “Fear”, from a neutral 50 a day earlier. The trigger came from stocks. The Philadelphia Semiconductor Index closed down 12.2%, its members Nvidia and AMD lost 9.3% and 17.3%, and the Nasdaq fell 5.5%.
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