Nasdaq Enters Correction as Bitcoin Falls About 6% in Selloff

Bitcoin (BTC) fell about 6% to roughly $75,000 as U.S. stocks tumbled on Nov. 6. The Nasdaq dropped 5.52%, putting the index more than 10% below its recent high and into correction territory.

The Nasdaq closed at 24,315. The S&P 500 lost 4.36%, and the Dow Jones Industrial Average shed 1,833 points, or 3.44%, to 51,523. The three major indexes recorded their steepest one-day declines since April 4, 2025, reversing their post-election gains.

The combined market value of the Magnificent Seven fell by more than $1 trillion. Nvidia slid more than 9%, erasing over $440 billion in market value, while the Philadelphia Semiconductor Index dropped about 12%. The Nasdaq 100 fell 6.36%, and the Russell 2000 declined 4.45%, extending losses beyond the largest technology companies.

AI-related stocks faced pressure amid concerns about data-center regulation after Democrats swept Congress. The Cboe Volatility Index rose 11.57 points to 28.18, its highest level since March 31.