Bitcoin drops below $75,000 as tech selloff pressures markets

Bitcoin fell below $75,000 on Friday, November 6, reaching $74,762, its lowest price since August 21, as a technology-stock selloff weighed on risk assets. It later recovered slightly and was trading below $75,700 at 11:48 a.m. Eastern time, according to the report of the price movement. The decline followed a steep drop in U.S. technology shares on Thursday, November 5, as investors sold AI-linked stocks and other technology names. The Nasdaq Composite fell more than 4% in one account, while another reported a 5.5% loss for the index. The reports describe different points in the session; both show a broad technology-sector selloff. Bitcoin had briefly fallen to $75,463 on Thursday, its lowest level since September 16, according to TradingView data for Bitstamp. Bitcoin had given back gains made after the U.S. midterm elections, when equities rose following Democrats’ gains in Congress. The subsequent reversal coincided with investor concerns over the scale of AI-related capital spending and whether data-center construction could face policy constraints. The reports do not establish how much those concerns, the stock-market decline or other pressures contributed to Bitcoin’s...