New Delhi, November 7, 2026: Bitcoin remained under pressure near $75,600 as the global cryptocurrency market struggled to recover from a sharp selloff triggered by uncertainty following the US midterm elections, weakness in technology stocks and the fallout from a record-breaking cyberattack on Binance.
According to Bloomberg, the world’s largest cryptocurrency was trading around $75,600 on Friday, November 6, after falling more than 6% from levels above $80,000 during the previous session.
The decline has raised concerns about investor confidence, institutional withdrawals and the vulnerability of digital assets to global financial market volatility.
Bitcoin Falls More Than 6% After Crossing $80,000
Bitcoin experienced significant price fluctuations during the week.
Following the November 3 US midterm elections, the cryptocurrency briefly recovered above $80,000 as investors reacted to the election outcome.
However, the recovery proved short-lived.
On November 5, Bitcoin declined more than 6%, falling towards $75,500 as a sharp selloff in American technology stocks spread to cryptocurrency markets.
By Friday, prices had stabilised around $75,600, although the market remained cautious.
Record $6.3 Billion Binance Hack Shakes Crypto Market
One of the biggest factors affecting cryptocurrency sentiment was a major cyberattack on Binance, one of the world’s largest digital asset exchanges.
The security breach occurred on October 29, with an estimated $6.3 billion in digital assets stolen.
The incident was described as the largest cryptocurrency exchange hack on record.
Although Binance took steps to freeze assets, restore withdrawals and address customer losses, the incident raised concerns about security across the cryptocurrency industry.
Investors have since been monitoring the exchange’s recovery and the possibility of broader financial consequences.
Binance Customers Withdraw Billions After Cyberattack
The security incident triggered substantial withdrawals from Binance.
According to a November 6 research report by digital asset technology company Talos, Binance recorded approximately $6.1 billion in net outflows after withdrawals resumed on November 1.
The report also found that Bitcoin market liquidity on Binance weakened sharply following the attack.
Market depth within 1% of Bitcoin’s trading price initially declined approximately 28%, before falling as much as 44% during the early recovery period.
Although liquidity subsequently improved, the figures indicated that investors remained cautious about the exchange.
US Midterm Elections Add Political Uncertainty
The November 3 US midterm elections added another layer of uncertainty to cryptocurrency markets.
The Democratic Party secured control of both chambers of Congress, changing the political environment for President Donald Trump’s administration.
Investors are now assessing whether the election outcome could delay legislation intended to clarify cryptocurrency regulations.
The digital asset industry had previously supported efforts to establish clearer rules for exchanges, stablecoins and other cryptocurrency products.
A divided government could complicate negotiations over future regulatory changes.
However, the election results do not automatically mean that stricter regulations will be introduced.
Technology Stock Selloff Affects Bitcoin
Cryptocurrency markets also suffered from weakness in American technology stocks.
Concerns about artificial intelligence investment returns and semiconductor company earnings contributed to a broad market decline.
On November 5, the Nasdaq experienced significant selling pressure as investors reduced exposure to technology companies.
Bitcoin and other digital assets declined alongside these shares.
The connection is particularly important because several cryptocurrency mining companies have expanded into artificial intelligence infrastructure and data centre operations.
This overlap has increased the sensitivity of some cryptocurrency-related businesses to developments in the technology sector.
Bitcoin ETFs Record $430 Million in Withdrawals
Institutional investment flows have also reflected weaker market sentiment.
According to Bloomberg data, US-listed spot Bitcoin exchange-traded funds recorded approximately $430 million in net outflows on Thursday, November 5.
The Fidelity Wise Origin Bitcoin Fund accounted for about $200 million in withdrawals.
BlackRock’s iShares Bitcoin Trust recorded approximately $105 million in outflows.
The withdrawals indicated that some investors were reducing their cryptocurrency exposure amid market uncertainty.
However, a single day’s ETF flows cannot establish the longer-term direction of institutional demand.
Cryptocurrency Liquidations Cross $1 Billion
The sharp decline in Bitcoin and other cryptocurrencies triggered substantial losses for leveraged traders.
According to cryptocurrency market research published on November 5, approximately $1.09 billion in leveraged positions were liquidated over a 24-hour period.
The liquidations affected roughly 211,000 traders.
Forced liquidations occur when leveraged positions lose sufficient value that trading platforms automatically close them.
Such events can intensify short-term volatility by adding further selling pressure during market declines.
The scale of the liquidations highlighted the risks associated with highly leveraged cryptocurrency trading.
Ethereum, Solana and BNB Also Face Pressure
Bitcoin was not the only cryptocurrency affected by the market turbulence.
Ethereum, Solana and BNB also experienced significant volatility during the week.
Ethereum declined sharply during Thursday’s selloff, while Solana and other major digital assets faced selling pressure.
By Friday, several large cryptocurrencies were trading relatively flat as investors assessed whether the market was stabilising.
The broader decline reflected uncertainty affecting digital assets as an investment category rather than a problem limited to Bitcoin.
Analysts Warn Recovery Remains Uncertain
Market analysts cautioned that Bitcoin’s stabilisation near $75,600 should not automatically be interpreted as the beginning of a sustained recovery.
Dean Chen, an analyst at cryptocurrency exchange Bitunix, suggested that the latest price movement reflected easing selling pressure rather than renewed aggressive buying.
Other market observers identified institutional investment flows, global equity markets and economic conditions as important indicators to monitor.
The price recovery remains vulnerable to additional weakness in technology shares or renewed concerns about cryptocurrency security.
Bitcoin Faces Important Price Levels
Analysts are closely monitoring Bitcoin’s ability to maintain support near $75,000.
According to market commentary cited by Bloomberg, a move above approximately $77,000 could help improve short-term momentum.
Conversely, renewed selling could put the $75,000 level under pressure.
These figures represent technical market reference points rather than guaranteed price targets.
Cryptocurrency markets remain highly volatile, and prices can change rapidly in response to financial, political and technological developments.
Federal Reserve Policy Adds to Market Pressure
Expectations surrounding US monetary policy have also influenced cryptocurrency trading.
Recent economic data strengthened speculation that the US Federal Reserve could increase interest rates in December.
Higher borrowing costs can reduce investor appetite for riskier assets, including cryptocurrencies.
Digital assets often react to changes in financial liquidity, bond yields and expectations about central bank policy.
As a result, investors are watching upcoming economic data and Federal Reserve communications closely.
Crypto Industry Faces Confidence Test
The combination of the Binance hack, institutional withdrawals and political uncertainty has created a challenging environment for digital asset investors.
However, research by Talos suggested that the fallout from the Binance security breach had been more contained than the market reaction to some previous cryptocurrency exchange failures.
The report noted that rapid asset freezes and Binance’s commitment to addressing losses helped limit the immediate consequences.
Nevertheless, the incident demonstrated how major security breaches can affect trading liquidity and investor confidence.
What Happens Next for Bitcoin?
Bitcoin’s near-term performance will depend on several developments, including global stock market trends, institutional investment flows and progress in addressing the Binance security breach.
Investors will also monitor potential changes to US cryptocurrency legislation following the midterm elections.
Economic data, Federal Reserve policy and broader investor risk appetite could further influence prices.
While Bitcoin has stabilised after its recent decline, analysts remain cautious about describing the current movement as a sustained recovery.
Bitcoin Market Remains Under Pressure
As of the latest November 7 reporting, Bitcoin was holding near $75,600 after one of its most turbulent trading weeks in recent months.
The sharp decline from above $80,000, combined with a record cryptocurrency exchange hack and substantial ETF withdrawals, has weakened market confidence.
The developments underline the continuing risks associated with digital assets, particularly during periods of financial and political uncertainty.
For now, investors are watching whether Bitcoin can regain momentum while the broader cryptocurrency industry works to recover from recent security and market disruptions.
Source: Bloomberg News via NDTV Profit, November 7, 2026; Reuters, November 4, 2026; Talos Research, November 6, 2026; CoinDesk
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