Bitcoin Falls 6% to Seven-Week Low as U.S. Stocks Erase Midterm Gains

Bitcoin (BTC) dropped more than 6% to $75,463 on Bitstamp Thursday, its lowest price since Sept. 16, as a broad U.S. stock sell-off erased gains from the midterm election rally.

Wall Street’s retreat included a 4.2% decline in the Nasdaq Composite and a 2.7% loss for the S&P 500. The Nasdaq fell to a level last seen July 29. BTC/USD also briefly slipped below its 50-week simple moving average, which stood at $75,733, putting the line’s support role under pressure.

Equities had advanced after Democrats swept both chambers in Tuesday’s midterm elections; Bitcoin reached $80,500 Wednesday as U.S. stocks rallied after the vote.

Nearly $500 million in crypto positions were liquidated in the first hour of U.S. trading, bringing the 24-hour tally close to $850 million. Bitcoin was near the bottom of its one-month trading range at the session low.

Oil also rose, with WTI crude moving above $90 a barrel and Brent nearing $97.