News · Nov 6, 2026 · 4 min read
Bitcoin today: Nasdaq falls 5.5% into a correction, bitcoin gives back its rally
Democratic wins in the midterms set off a selloff in AI stocks on Thursday, and bitcoin fell more than 5% toward $76,000 as about $1 billion of leveraged positions were force-closed. Listed miners' shares fell by as much as a fifth.
The Nasdaq fell 5.5% into a correction and bitcoin gave back Wednesday's gain
US stocks fell sharply on Thursday. The Nasdaq Composite fell 1,422 points, or 5.5%, to 24,315, which puts it more than 10% below its October record, CBS News reported. The S&P 500 lost 4.4% and the Dow 3.4%, or 1,833 points. A day earlier the Dow had its biggest gain of the year.
The trigger was the midterms. Investors worry that a Democratic Congress will slow data-centre construction and tighten rules on AI, and the selloff landed hardest on AI-linked shares: Nvidia fell 9.2%, AMD 17.3% and CoreWeave 9.8%. Capital Economics' Joe Maher said "whether the midterms shock turns out to be the catalyst that derails the AI equity boom remains to be seen".
Bitcoin fell with them. Decrypt reported it down about 5% to roughly $76,500, erasing Wednesday's post-election rally, and Bitcoin Magazine had it near $76,000 after a test of support at $75,400, on course for its biggest one-day drop since June. Our daily series reads $80,431 for 5 November and $75,564 for 6 November.
The 5.5% fall in the Nasdaq came one day after the Dow's best day of the year.
About $1 billion of leveraged positions were force-closed in 24 hours
Bitcoin Magazine put liquidations across crypto at about $1.08 billion over 24 hours, of which roughly $954 million were longs, and said nearly $900 million of it came in the four hours after the US open. Decrypt counted about $428 million of long positions liquidated within a single hour.
A liquidation is an exchange closing a leveraged position because the margin ran out, which means the position is sold into the falling market. Our liquidations series has $294 million of bitcoin longs force-closed on 5 November, against $29 million of shorts, with the rest of the day's selling still to be counted. The October total for longs was $2.1 billion, in the piece we published on 31 October.
Listed miners fell by as much as 20%
Bitcoin Magazine said bitcoin miners' shares fell by as much as 20% on Thursday, alongside drops of more than 10% in Strategy, Coinbase and Circle. Keel Infrastructure fell about 20% after selling its entire bitcoin treasury, according to the same report.
The day before, Bernstein had cut price targets on seven listed miners building AI data centres, which we covered in the 5 November recap. Thursday's fall was about AI stocks, not about the bitcoin machines themselves.
Paraguay's president has not resigned; the central bank chief has
A widely shared post on Thursday said Paraguay's president had resigned after a bank collapse. The reporting we opened says something narrower. Reuters reported on 3 November that central bank president Carlos Carvallo resigned at President Santiago Peña's request after authorities began resolution proceedings against the digital lender Ueno, which has about 3 million customers.
Peña remains in office. He called it "a particular case of one entity, not of the national financial system", and prosecutors have ordered the arrest of eight people linked to the bank.
What it means for miners
On the network side, nothing broke. Our series estimates the next difficulty adjustment at about −3.0%, 969 blocks away. Hashprice, what a petahash earns in a day, reads $32.22 on 6 November at today's price, against $34.29 on 5 November.
Making a coin is where the position is clearest. On the most efficient machine in stock, at the cheapest site that can run it, electricity for one bitcoin costs about $19,500 today, roughly a quarter of the $75,506 market price. The drop from $80,000 to $75,000 changes the margin, but a machine on cheap power keeps stacking coins at a cost that sits far below either number. The coins stay in the wallet either way. Output is never guaranteed, and this is not a price call.
The price of a coin fell; what it costs to make one did not.
Sources and further reading
- Dow sheds more than 1,800 points as midterm results spur investor exodus from tech and AI — CBS News, 5 Nov 2026
- Bitcoin Erases Election Rally as AI Stocks Plunge, $428 Million in Crypto Longs Get Wiped Out — Decrypt, 5 Nov 2026
- Bitcoin Price Trades Near $76,000 as Nasdaq Tumbles into Correction — Bitcoin Magazine, 5 Nov 2026
- Paraguay's central bank chief resigns at president's request as digital lender crisis deepens — Reuters (via The Star), 4 Nov 2026
Disclosure
Firsthand Bitcoin sells and hosts mining hardware, including this machine. No manufacturer, distributor or affiliate programme paid for or reviewed this page and we take no commission on the links above. Historical figures are computed from daily bitcoin price and network hashprice, each day valued at its own prices. Nothing here is investment advice.