Bitcoin Drops to $76,000 as Crypto Liquidations Top $1B

Crypto followed a broad selloff in tech stocks after Democrats won control of both chambers of Congress. Leveraged bets on rising prices took most of the liquidation losses. Contracts on chip stocks traded on crypto exchanges were liquidated in bigger amounts than most altcoins. Planned probes into Trump family crypto ventures make the CLARITY Act’s path harder. The crypto market fell sharply on Thursday, November 5, as traders started pricing in what a Democratic-controlled Congress could mean for the industry and for the crypto businesses tied to President Donald Trump’s family.