Bitcoin Retracts Post-Election Gains as Crypto Longs Face ~$428 Million in Liquidations Within an Hour

TechFlow reported that on November 6, according to Decrypt, Bitcoin gave back its post-U.S. election rally gains and fell to around $76,500, dropping nearly 5%, with crypto long positions liquidated for approximately $428 million within one hour.

Ethereum also declined by more than 5% during the same period. The report noted that the tech stock sell-off spread to the crypto market, as investors expressed concern over AI spending, interest rates, and the post-election policy outlook. Previously, when Bitcoin rose above $80,000, short positions totaling approximately $378 million were liquidated within an hour.