Bitcoin Breaks Below $76K, Wiping Out Over $1B Crypto Bets: MSTR, BMNR, CRCL, COIN Stocks Tumble Double Digits

• Crypto critic Peter Schiff renewed calls of a ‘Bitcoin bubble’, stating that it was being understated with investors’ attention focused on the AI trade.
• Analyst Ted Pillows identified Congresswoman Yassamin Ansari’s post, in which she called for an AI pause to become a priority of the Democratic agenda, as one of the catalysts.
• Around $1.08 billion was liquidated in the last 24 hours, with long positions accounting for $954 million of the wipeout.

Bitcoin (BTC) fell below $76,000 in afternoon trade on Thursday amid the broader tech selloff on the equities side, triggering more than $1 billion in liquidations and dragging down crypto stocks.

Michael Saylor-backed Strategy (MSTR), Tom Lee’s Bitmine Immersion Technologies (BMNR), Circle (CRCL), and Coinbase (COIN) each fell more than 10%. Meanwhile, shares of Bitcoin miners, most in the midst of pivoting into neoclouds, fell by as much as 20% on Thursday.

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 Bitcoin’s price dropped over 5% in the last 24 hours to around $75,900 at the time of writing, hitting over one-month lows. According to Koyfin data, the apex cryptocurrency was on track to log the biggest single-day slide since June.

Altcoins Take A Bigger Hit Than Bitcoin

While Bitcoin faced steep losses, major altcoins were hit even harder. Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) each dropped more than 6% in the last 24 hours, while Ripple’s XRP (XRP) fell over 5%. 

The overall cryptocurrency market tracked Bitcoin’s slide, logging a drop of 5.2% in the last 24 hours to around $2.6 trillion. Liquidations topped $1.08 billion, according to Coinglass data. It showed that long positions, traders betting on Bitcoin's price to rise, accounted for the majority of the forced unwinds at over $954 million. 

Crypto Stocks Tumble

The tech slump combined with the drop in Bitcoin weighed heavily on large-cap crypto equities. MSTR stock fell over 10%, on track to log its worst day in nine months. On Stocktwits, retail sentiment around the largest corporate holder of Bitcoin trended in ‘extremely bearish’ territory over the past day, with chatter at ‘high’ levels. 

Similarly, BMNR stock fell over 12%, also on track to log its worst day in nine months. However, on Stocktwits, retail sentiment around the Ethereum treasury trended in ‘bullish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

COIN stock fell around 10%, while CRCL stock dropped 12.5%. Brokerage Robinhood (HOOD) wasn’t spared from the tech selloff either. HOOD stock fell around 12% in afternoon trading.

Bitcoin miners fell hardest. Keel Infrastructure (KEEL) fell over 20% to a 14-month low after its third quarter (Q3) results showed that it had sold off all of its Bitcoin, but didn’t have any new data center leases under its belt yet. Cleanspark (CLSK) dropped 16.5%, while Cipher Digital (CIFR) fell 15.9%, and TeraWulf (WULF) fell around 14%. All three are former Bitcoin miners pivoting into the data center infrastructure sector.

Why Is Crypto Falling?

The drop in cryptocurrencies came alongside the tech-heavy Nasdaq falling into correction territory. The index was down over 5% in afternoon trade on Thursday, putting it on track for its worst session since April 2025 and pushing it more than 10% below the record it reached last month.  

According to gold bug and long-time Bitcoin critic Peter Schiff, the selloff exposed what he called a “Bitcoin bubble,” while investors were too focused on the AI trade.

“The biggest difference between the two is that while AI has actual value, Bitcoin has none,” Schiff said in a post on X.  “The midterms supplied the final pin. Sell now before the air comes gushing out.”

Meanwhile, crypto analyst Ted Pillows said one of the reasons that the market was crashing was Representative Yassamin Ansari’s (D-AZ) post on X calling for a “pause on advanced AI development” to be the first priority of the Democratic agenda.

Crypto Traders Debate Bitcoin’s Next Move 

BTC was the top trending crypto ticker on Stocktwits at the time of writing. Retail sentiment around the apex cryptocurrency on the platform trended in ‘bearish’ territory over the past day, accompanied by ‘high’ levels of chatter. 

Some traders viewed the decline as a temporary pullback within a broader uptrend, while others compared the broad selling across markets to the sharp, widespread declines seen during the early stages of the Covid-19 pandemic.

Bitcoin’s price is now down nearly 40% for the year, and has slipped around 25% in the last 12 months.

Read also: El-Erian Says Stock Market Is ‘Overdoing It’ On AI Fears As Nasdaq Enters Correction Territory

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