The price of the world’s largest cryptocurrency dipped below $75,000 on Friday, reaching a fresh low for the asset as it faced continued selling pressure. This decline follows a volatile window in which Bitcoin spiked to more than $81,000 before reversing those gains to settle at $74,871, marking its worst price performance since mid-August.
The slump is part of a broader retreat from risky assets that saw the Nasdaq 100 fall 6.4% amid investor fears that U.S. midterm election results would lead to tighter AI regulations. The volatility sparked $1.26 billion in liquidations for leveraged long positions over 24 hours and drove $430.2 million in net outflows from spot bitcoin ETFs, primarily from Fidelity’s FBTC.
