Bitcoin Price Crash: BTC Hits $75,500 as Stocks Sell Off
The bitcoin price crash on Thursday, November 5 took BTC to about $75,500 at the low, down more than 6% and the weakest level since September 16. Per Cointelegraph, US stocks erased their election-week gains at the same time.
Why the bitcoin price crash happened today
Stocks led it. Decrypt says the Nasdaq sank nearly 4% and the S&P 500 lost about 2.6% by late morning. The semiconductor index fell about 8%. Cointelegraph has the S&P 500 down 2.7% and the Nasdaq down more than 4%, its lowest since July 29.
However, the causes are still argued. Both outlets point to worries that a Democratic Congress could scrutinise the AI spending boom. Swissquote analyst Ipek Ozkardeskaya told Reuters, as quoted by Decrypt, “We suspect there is going to be some scrutiny on this aggressive AI buildout.” Cointelegraph also lists oil back above $90 and tanker strikes in the Middle East. Decrypt adds an expected December Fed rate rise and the Binance hack fallout. Nobody has proven which one mattered most.
How big were the liquidations in the bitcoin price crash?
First, it depends on the window. Decrypt, citing CoinGlass, reports roughly $428 million of longs liquidated in one hour. Cointelegraph says nearly $500 million in the first hour of the US session and close to $850 million over 24 hours. A third report, from NewsBytes, uses $370 million. These are different clocks, not a clean contradiction, but treat each number as approximate.
Where bitcoin goes next
Decrypt says the next test is $75,000 and that reclaiming $80,000 could ease the pressure. Cointelegraph notes bitcoin briefly broke under its 50-week average near $75,733. Analyst Rekt Capital, in Cointelegraph’s paraphrase, sees a repeat of May, when a range near $80,000 broke down. That is one analyst’s view, not a forecast we share or reject. Our own daily view is on the bitcoin price prediction page, and the day before was covered in our chip rout piece.
Miner math: what bitcoin at $76,000 does to your margin
Here is the live maths on November 5. Bitcoin is $75,848 and the network is 1018 EH/s, so hashprice is about $33.74 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.69 | -$3.03 | -$6.15 | 4.1c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.71 | -$1.20 | -$3.74 | 6.1c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.15 | -$1.02 | -$3.91 | 6.6c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.68 | $1.16 | -$2.21 | 9.4c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin slides another 5% from here: the break-even power price on an S19k Pro falls from 6.1 to 5.8 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.20 to -$1.39.
The blunt answer for miners
Price falls hit margin one for one. The block reward and difficulty do not move with a stock sell-off. Hashrate sits near 1018 EH/s per mempool.space. So read the table against your own power price. If a machine is already losing money at today’s price, another 5% makes it worse, and each day you wait costs cash.
If that is you, see our we buy used miners page, or the mining economics guides.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.