Bitcoin Price Crashes Over 5% to $75,000 as Tech Rout Wipes Out Leveraged Longs

Bitcoin Magazine Bitcoin Price Crashes Over 5% to $75,000 as Tech Rout Wipes Out Leveraged Longs Bitcoin price fell about 5% on Thursday morning, sliding from above $80,800 to near $76,000 as a sharp selloff in technology stocks spread into crypto and wiped out leveraged traders betting on further gains, Bitcoin Magazine Pro data shows. The drop erased the rebound that had carried bitcoin back above $80,000 overnight. It touched a low near $76,100 shortly after the U.S. stock market opened, its weakest level since the start of the week. The reversal came fast. Bitcoin held near $80,000 through Wednesday, and early Thursday traders were cheering a short squeeze that pushed it past $80,500. Within roughly two hours of the opening bell, the bitcoin price was more than $4,000 lower.

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