Ether drops about 8% and bitcoin about 6% after a Nasdaq-led selloff

Ether fell about 8.0% to roughly $2,229 and bitcoin about 6.0% to roughly $75,700 over 24 hours, per CoinGecko as of about 08:23 UTC on Nov. 6. The move reversed Wednesday's bounce above $80,000 and landed as U.S. tech stocks sold off, with The Block reporting that the Nasdaq Composite was down about 4.7% as of 2 p.m. ET on Nov. 5.

Why did crypto fall with the Nasdaq?

The Block tied Thursday's crypto drop to a sharp selloff in U.S. technology and AI shares that spilled into digital assets. As of that 2 p.m. ET snapshot, the Dow and S&P 500 were each down about 3%, the VIX had jumped about 60%, and bitcoin- and AI-linked stocks such as Bitdeer and Strategy were among the hardest hit in the equity tape.

Wednesday's rebound had pushed bitcoin back above $80,000 after the U.S. midterms and after markets digested the Binance hack without a broader contagion. That bounce did not hold once equities turned. For political context on the same week, see the midterm outcome and the CLARITY Act clock; this story is about the price tape, not the bill.

What do the liquidations show?

Forced closures, not just spot selling, amplified the slide. The Block, citing CoinGlass, put total crypto liquidations over 24 hours at nearly $1.1 billion (about $1.09 billion in its headline figure), affecting roughly 211,000 traders. In one four-hour window, the same report put liquidations at about $879.92 million, including about $818.90 million in longs and $61.02 million in shorts.

Those feeds cover publicly reported venues and can understate the full total. A short primer on how crypto liquidations work is useful if the cascade mechanics are unfamiliar: when leveraged longs are forced out into a falling market, the sales can push price further and trigger the next round of margins.

CoinGecko's live print on Nov. 6 morning still showed ether and bitcoin deep in the red versus 24 hours earlier. The same session also erased most of the short-lived post-election optimism that had been priced into crypto's midterm spending bet earlier in the week. Wintermute, quoted by The Block, said the rebound looked short-lived against still-elevated inflation and other macro pressures.