Bitcoin trades near $76,000 after 5% drop, $1 billion in leverage liquidated

Bitcoin traded close to $76,000 on Thursday afternoon, falling by more than 5% as a sharp selloff in US technology and chip stocks led the broader market into a downturn and triggered the liquidation of over $1 billion in leveraged crypto positions. Bitcoin dropped through the mid-$75,000s, erasing gains from earlier in the day and reversing a previous rebound. Following an overnight move above $80,000, the asset quickly lost momentum as the Nasdaq Composite fell roughly 5% and entered correction territory, sliding more than 10% from its all-time high set last month.