100 billion dollars go up in smoke on the crypto market in one day: after the victory of the Democrats, bitcoin falls in the wake of the Nasdaq
In the wake of the dizzying fall of the Nasdaq after the Democratic elections in the United States, the market's leading cryptocurrency has lost 6% of its value since Thursday, dragging a crypto market already weakened…
The victory of the Democrats in the American mid-term elections does not spare any market linked to technology stocks. The market's leading cryptocurrency, bitcoin, has lost 6% of its value since Thursday, dragging the entire crypto market into the red. At 10:30 a.m. this Friday, November 6, bitcoin is trading around 76.
150 dollars on CoinMarketCap. Among the most capitalized cryptocurrencies on the market, Ripple's ether and XRP lost 8% and 10% respectively over the same period. The capitalization of the crypto market sees 100 billion dollars erased, amounting to 2.
640 billion dollars this Friday, November 6, down 5% over one day. In the derivatives market, more than $1.26 billion in positions were liquidated with 241,156 traders taking away.
“Capitulation” The fall of the crypto market comes in the wake of the fall of the Nasdaq. This Thursday, the American stock index - strongly linked to technology stocks - plunged 5.5%, achieving its biggest fall since April 2025. Investors fear that the electoral victory in the United States will slow down the construction of data centers in the country.
“We are witnessing today a total collapse of technology stocks, to a level that can be described as capitulation,” said Neil Wilson, analyst for Saxo Markets at AFP. According to the Financial Times, US stocks lost $3.2 trillion in one day.
“Black month” Since 2023, we have observed a correlation between the Nasdaq and bitcoin. This is partly because more and more technology companies have launched into cryptocurrencies in recent years. A phenomenon which has been largely accentuated by the “Bitcoin Treasury Companies”, these companies which buy bitcoin for their treasury like the giant Strategy.
On the other hand, institutional investors focused on tech also rely on cryptocurrencies to diversify their portfolios. However, when they make arbitrages, they generally make the same decisions if they sell bitcoin or Nasdaq shares and vice versa when buying. Bitcoin, which is now trading below 80 again.
000 dollars, was badly shaken in October. “This shock hits an already fragile market,” explains the specialized media Cryptoast. “October was a dark month, with $12.5 billion in cumulative liquidations and the biggest hack in crypto history, the $6.3 billion stolen from Binance on October 29, attributed by the FBI to the North Korean group TraderTraitor,” recalls the media.
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- BFM Business6 Nov, 10:46
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