What is Happening to Bitcoin Price? Inside the Shocking 48 Hours

Bitcoin’s election rally lasted barely a day. After climbing above $80,800 following Tuesday’s US midterms, the cryptocurrency plunged toward $75,500 on Thursday, November 5. The reversal came as Wall Street suffered its worst tech stock selloff in months, exposing how fragile Bitcoin’s recovery had become. Why Did Bitcoin Reverse So Quickly? Wednesday’s gains followed a week unsettled by the Binance hack. Traders initially welcomed the end of election uncertainty, but much of the recovery was driven by investors closing bets against Bitcoin. By Thursday, investors were reconsidering the implications of Democrats winning both chambers of Congress. Fears of restrictions on AI data-center construction hit semiconductor stocks already facing questions about enormous AI spending. The Nasdaq fell 5.5%, Nvidia lost 9.3%, and AMD plunged 17.3%.

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