Why is Bitcoin price down today?

Bitcoin has fallen more than 6% towards $75,000 on November 6 as a major sell-off in US technology stocks and heavy leveraged liquidations have put renewed pressure on the cryptocurrency market. Bitcoin fell more than 6% towards $75,000 on November 6, erasing its brief recovery above $80,000 as heavy losses across US technology stocks spread into cryptocurrency markets. The Nasdaq Composite dropped 5.5% on Thursday, while over $1 billion in leveraged crypto positions were liquidated, with bullish traders accounting for most of the losses. US spot Bitcoin ETFs faced roughly $1 billion in withdrawals in the days following the Binance hack, with BlackRock's IBIT accounting for approximately $900 million of the outflows.

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