Key Notes
- Bitcoin fell below $78,000 and reached $76,753 on Coinbase during the 15:12 UTC minute.
- The Nasdaq fell 3% in an early-session AP report as chip stocks led selling, although many other shares rose.
- The decline followed Wednesday’s rebound above $80,000 and a positive session for US spot Bitcoin ETF flows.
Bitcoin dropped below $78,000 on Thursday and traded under $77,000 as renewed selling in US technology shares put Wednesday’s market rebound under pressure.
At 15:22 UTC on November 5, Coinbase quoted Bitcoin near $76,919. That was about 3.1% below its price immediately before the US stock-market open.
Bitcoin Breaks Lower After the US Open
Coinbase’s BTC-USD market closed the 14:29 UTC minute, immediately before the US stock-market open, at $79,409.54. Its one-minute trading data first recorded a price below $78,000 during the 14:57 minute, when Bitcoin touched $77,967.02.
The decline continued into the next quarter-hour. Bitcoin reached $76,753.45 during the 15:12 UTC minute, roughly 3.3% below that pre-open close. It subsequently rebounded above $77,000, but remained well short of the level at which the US session began.
Those observations cover one exchange’s dollar market. They establish the sequence of the selloff without treating a single venue’s low as an identical print across every cryptocurrency platform.
Chip Stocks Lead the Equity Decline
The Associated Press reported a 3% Nasdaq Composite decline and a 1.8% S&P 500 drop in its 15:02 UTC update. Earlier in the session, it recorded Nvidia down 4.1%, AMD off 10.7% and CoreWeave lower by 6.8%. The index losses concealed a divided market: a majority of S&P 500 stocks were rising.
Weakness in semiconductor shares had been visible before the opening bell. Schwab’s briefing pointed to declines in Arm and Qualcomm after their results, alongside pressure on chip and AI infrastructure companies. Its premarket assessment described a rotation away from parts of technology even as consumer shares attracted buyers.
Schwab also highlighted uncertainty about future data-center spending and the policy outlook after the US midterm elections. Those concerns describe the equity-market backdrop; the overlapping declines do not establish a single cause for every Bitcoin trade.
Wednesday’s Recovery Loses Ground
The move below $78,000 reverses part of the advance covered in CoinScreamer’s Wednesday rebound report. Bitcoin had climbed through $80,000 during that session, with Coinbase quoting it near $80,757 at 15:24 UTC on November 4.
That recovery had followed the market’s initial response to the election result. Thursday’s selling put Bitcoin back below both the $80,000 milestone and the $78,000 level it had reclaimed earlier in the rebound.
The reversal also came after US spot Bitcoin ETFs attracted $74.57 million on November 4, ending three consecutive outflow sessions. Our ETF report detailed how Fidelity subscriptions outweighed withdrawals from BlackRock’s IBIT.
That positive total describes completed fund activity from Wednesday. It is not a live measure of Thursday’s subscriptions, and it did not prevent a renewed decline in Bitcoin’s spot price as the next US trading session unfolded.
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