The cryptocurrency market reversed sharply on November 5, 2026, erasing earlier gains and triggering more than $1 billion in leveraged liquidations. After an earlier session in which Bitcoin traded near $80,580 and the global crypto market cap rose 5.1% to $2.792 trillion, selling pressure intensified and sent Bitcoin below $76,000.
Bitcoin dropped to approximately $75,989, a daily loss of more than 5%. Ethereum fell to around $2,252, Solana to about $90, and XRP to $1.24. Hyperliquid's HYPE token lost more than 8% on the day.
According to CoinGlass data, roughly $1.03 billion in leveraged positions were liquidated over 24 hours, with $926 million of that total in long positions. About $589 million in liquidations occurred in a single hour, underscoring the speed of the decline. Nearly 199,000 traders were liquidated, and the largest single liquidation was an ETH/USDT position on Binance worth approximately $10.94 million.
The crypto sell-off coincided with disruption in global markets, particularly in U.S. AI and data center equities, which fell more than 4% on the Nasdaq amid concerns over data center financing and possible post-election construction restrictions.
Earlier in the day, JPMorgan Asset Management projected a 10% annualized Bitcoin return over a decade, and Riot leased all 910 MW at its Corsicana site to an AI firm for about $28 billion. The Clarity Act was also noted as set to expire on January 3, 2027, unless the Senate passes it.
