Bitcoin at $75,700: AI crash wipes out rebound, 3 morning figures

Back to square one. Bitcoin returned to $80,000 on Wednesday evening and the Fear & Greed index returned to the neutral zone. However, BTC is trading around $75,700 this Friday at 5:50 a.m. (Paris time). The drop reached 6% over twenty-four hours and the overnight low fell to $75,230.

But this time, the shock comes from Wall Street. American stocks experienced their worst session since the April 2025 customs duties on Thursday. The Nasdaq 100 even recorded its worst day since March 2020.

Key Points

BTC falls back to its levels at the end of October, two days after a lightning move above $80,000.

Leveraged bullish bets paid the bill, with more than $1 billion in positions forcefully closed.

At 2:30 p.m., American employment will say whether Kevin Warsh's Fed keeps a rate hike in December.

Bitcoin below $76,000: the purge of leveraged positions in figures

The movement was violent and concentrated. CoinGlass data relayed by The Block gives the measure. Nearly $880 million in positions jumped in four hours Thursday afternoon, including $819 million in bullish bets. Over twenty-four hours, the bill rises to $1.09 billion for nearly 211,000 liquidated traders. Thursday afternoon's low, at $75,568, however, did not hold overnight. BTC then fell as low as $75,230 before stabilizing. At this price, BTC is therefore close to the average cost price of Strategy, set at $75,446 for 849,327 BTC. The gap is now just $200, two days after STRC returned to $100.

Ether followed with an 8% drop to $2,230. The total capitalization of the crypto market lost 7.7% in one day to return to $2.57 trillion. The Fear & Greed index also plunged back to 28 this morning, in the fear zone, against 50 (neutral) the day before. Finally, the TRUMP memecoin reached a new all-time low after losing more than 20% in two sessions.

Crypto stocks have also gained more than tokens. Strategy and Coinbase lost around 10%. Listed miners dropped between 15 and 20%, Bitdeer and Keel Infrastructure around 20%. American Bitcoin even fell by 17%. However, the miner supported by the Trump sons published a quarterly profit of $126 million the same day.

AI crash: why the Nasdaq 100 plunged 6.4%

The Nasdaq 100 plunged 6.4% on Thursday and the Nasdaq Composite fell 5.5%. The S&P 500 lost 4.3% and the Dow Jones lost 3.4%. The Philadelphia semiconductor index lost 12% in the session alone. At the same time, the VIX volatility index jumped almost 60%. Gold, on the other hand, gained 0.6% to $4,094 per ounce.

The trigger for the AI ​​crash is first and foremost political. The Democratic sweep of November 3 reawakened fears of a brake on AI data centers. Several elected officials are already calling for a national moratorium. They are inspired by the text tabled in March by Bernie Sanders and Alexandria Ocasio-Cortez. Joshua Lim heads markets at FalconX. “We are seeing sales return as the consequences of a slowdown in data center construction become concrete,” he tells CoinDesk. Carlos Guzman, of GSR, also points to the fear of stronger opposition to the expansion of computing centers. Finally, there are disappointing results from chip manufacturers. Investors also doubt the return of billions invested in AI.

Jasper De Maere, OTC trader at Wintermute, puts Wednesday's rebound into perspective. According to him, the rebound was due to four crutches. First the relief after the Binance hack, then the election result. Then the hope of a slowdown in AI spending, and finally the decline in oil. But “it was all so fleeting that it ultimately didn’t matter,” he told The Block. “Trump is still president for two years, the Middle East continues to burn and inflation is high in a strong US economy. » In the medium term, however, he sees the glass half full and advises to look out for good deals.

American employment at 2:30 p.m.: the number that decides the Bitcoin weekend

The October jobs report drops at 2:30 p.m. (Paris time). The consensus compiled by Kiplinger expects 59,000 job creations and a stable unemployment rate of 4.2%. September was disappointing with 29,000 jobs compared to 93,000 expected. Unemployment then rose from 4.1 to 4.2%. Wednesday's ADP report, however, gave some breathing space with 86,000 creations in the private sector.

The trap is double trigger. Too strong a figure would revive the scenario of a rate hike in December. Barclays still considers it possible under the presidency of Kevin Warsh at the Fed. Conversely, too low a figure would fuel the fear of recession which has already brought down the Nasdaq.

Bitcoin spot ETFs had taken in a net $75 million as of Wednesday, according to Farside. Fidelity collected 237 million while BlackRock lost 201. This session ended three days of outflows, or 1.16 billion cumulatively. The figures for Thursday, the day of the AI ​​crash, will be published in the morning. They will therefore say whether institutional investors sold the panic or bought the decline.