Bitcoin Crashes Below $76,000 as Tech Stocks Tumble and Democrats Win

Bitcoin fell below $76,000 following a stock market sell-off, while Binance revealed how its $6.34B hack began with a fake job interview.

This was a rough week for Bitcoin and global markets. The world's biggest cryptocurrency (a digital currency not controlled by any government or bank) dropped below $76,000, closely following falling stock prices in the U.S.

Here's what happened step by step:

On November 3, technology stocks sold off because investors worried that huge spending on AI (artificial intelligence) might not pay off. Bitcoin fell below $77,000.
Then Democrats won the U.S. midterm elections, gaining control of both houses of Congress. The uncertainty disappearing briefly pushed Bitcoin back up to $78,000 — even above $80,000 for a moment.
But the recovery didn't last. On November 5, the Nasdaq (an index tracking major tech companies) fell 5.52%, and the S&P 500 (an index of 500 big U.S. companies) dropped 4.36%. Semiconductor (computer chip) stocks crashed 12%.

Bitcoin followed the stocks down, falling below $76,000 — and even to $75,400 during the day. Ethereum (the second-biggest cryptocurrency) dropped more than 8%, to $2,200.

Key numbers for the week:

$1.25 billion in liquidations in a single day (when traders are forced to sell because their bets lost money) — nearly 89% were "long" bets expecting prices to rise.
Around $870 million pulled out of Bitcoin ETFs (funds that let regular investors buy Bitcoin like a stock).
The crypto Fear and Greed Index (a mood tracker) dropped from 34 to 28, staying in "fear" territory.
Bitcoin ended the week around $75,900, down 2.6%.

The big scandal: Binance (one of the world's largest crypto exchanges) revealed how hackers stole $6.34 billion. It all started with a fake job interview — a hacker pretending to be a project director tricked an engineer into downloading malicious code. Months later, they gained control over transactions. Binance froze about $2.85 billion and will cover the losses itself. The FBI linked the attack to a North Korean hacking group.

Bottom line: Crypto is increasingly moving in step with the stock market, and both fell this week amid AI worries and political uncertainty.

This is an AI-generated summary. Read the original article at: https://forklog.com/news/itogi-nedeli-pobeda-demokratov-na-vyborah-v-ssha-i-padenie-bitkoina-nizhe-76-000