Crypto Update: Bitcoin Drops Below $76K as Liquidations Top $850M

Bitcoin fell roughly 6% to a seven-week low below $76,000 on Thursday after US stocks reversed their post-election gains. Equities initially rallied following the Democratic sweep of the House and Senate before traders rotated out of technology stocks. CoinGlass data showed nearly $500 million in crypto liquidations during the first hour of US trading and about $850 million over 24 hours, pushing BTC toward support at its 50-week simple moving average of $75,733.

Bitcoin’s decline also brought renewed comparisons with May’s consolidation around $80,000. Rekt Capital noted that a similar period of rangebound trading preceded a breakdown that eventually produced a new macro low of $57,000 in late June. Selling extended across major cryptocurrencies, with Monero falling 5.65% to $616.91, BNB declining 3.81% to $689.21, XLM dropping 4.29% to $0.1526, SOL sliding 9.06% to $89.24 and HYPE losing 8.45% to $76.70.

France’s National Assembly rejected the revenue section of the 2027 state budget by a vote of 458-0 at first reading, with two abstentions. The decision removes proposed crypto tax amendments and wallet-reporting provisions from the text sent to the Senate, although lawmakers could reintroduce the measures during the remaining budget process. Faustine Fleuret, global head of public affairs at lending protocol Morpho, warned that rejecting the revenue section could also jeopardize other amendments included in the broader bill.

Democratic lawmakers also said technology executives should expect subpoenas and investigations into President Donald Trump’s business circle, including his crypto ventures, when the new Congress takes office. Together with the market selloff and France’s budget setback, the threats of closer scrutiny highlight the political and regulatory risks facing digital assets as the new legislative session begins.