Bitcoin Falls Below $76K as Crypto Liquidations Near $850M

Bitcoin fell below $76,000 on Thursday, sliding roughly 6% to a seven-week low as US stocks reversed their post-midterm-election rally. BTC traded at $75,613.16 as of publication, following sharp losses in technology stocks and a broader rotation out of risk assets. The pullback followed Democratic gains in both the US House of Representatives and Senate.

The sell-off triggered heavy liquidations, with CoinGlass reporting nearly $500 million in crypto positions liquidated during the first hour of US trading. Total liquidations over 24 hours approached $850 million. BTC/USD approached the lower end of its one-month trading range and tested its 50-week simple moving average, currently at $75,733. Rekt Capital noted that Bitcoin’s decline resembles May, when trading near $80,000 preceded a breakdown and new macro low of $57,000 in late June.

France’s National Assembly also rejected the revenue section of the 2027 state budget late Wednesday by a vote of 458–0, with two abstentions. The decision removed proposed crypto tax and wallet-reporting amendments from the version of the bill sent to the Senate, which will instead receive the government’s original budget text. The measures could still be reintroduced during the remaining legislative process. Faustine Fleuret, global head of public affairs at lending protocol Morpho, warned that rejecting the revenue section could result in rejection of the entire bill, including provisions adopted through amendments.

Democratic lawmakers meanwhile said Big Tech executives should expect a wave of subpoenas when the new Congress takes office, alongside investigations into President Donald Trump’s business circle and crypto ventures. The threats add to political pressure over digital assets as markets grapple with falling prices and rising regulatory uncertainty.