Bitcoin Tumbles to $75K as AI Fears Wipe $150B From Crypto

Bitcoin fell to $75,350 on November 6 as a broader crypto market sell-off wiped nearly $150 billion from the digital asset market in 24 hours.

The sharp downturn came as crypto assets tracked a broader retreat from risk assets, sparked by concerns over artificial intelligence (AI) infrastructure spending that triggered a major Wall Street sell-off.

According to CoinGecko, total crypto market capitalization declined by more than 5.1%, while leveraged traders faced $1.25 billion in liquidations, piling further pressure onto already falling prices.

Ethereum fell 7.9%, XRP dropped 8.7% and Solana declined 6.4% over the same period, per CoinGecko data. The crypto market sell-off followed a sharp decline in US technology stocks on Thursday.

The November 5 rout wiped roughly $2.5 trillion from US stock market value. The Nasdaq Composite plunged 5.52%, marking its worst trading session since April 2025 and pushing the index more than 10% below its October 6 record high.

The S&P 500 and the Dow also posted their worst sessions since then.

Investor concerns grew that Democratic gains in the US midterms could slow AI infrastructure expansion, particularly in Texas. Governor-elect Gina Hinojosa proposed pausing new data center construction until stronger protections are introduced, raising uncertainty over major investments by Google, Meta, Oracle and OpenAI.

AI and semiconductor stocks weakened ahead of Thursday’s broader sell-off. On Friday, November 6, South Korea’s Kospi plunged nearly 9% at the open, triggering a 20-minute trading halt.

Nevertheless, some experts suggest that the AI stock sell-off could ultimately benefit the health of the market. 

Ed Yardeni, president of Yardeni Research, told CNN that slowing AI infrastructure investment could help cool an increasingly speculative market.

"We want a slowdown in the AI buildout. It was too frenzied and speculative," Yardeni said, adding that allowing air to escape the AI bubble gradually would be preferable to an abrupt collapse.

Concerns about excessive data center construction have also intensified as investors question whether future demand will justify the industry's aggressive infrastructure spending.

Meanwhile, demand for government bonds increased during the sell-off, pushing the 10-year US Treasury yield down to 4.84%, its lowest level in two months.

Bitcoin and altcoins are trading in step with tech stocks, so equity-market shocks can quickly hit crypto prices. Heavy long liquidations show how leverage can amplify downside moves.

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