Top Reasons Why Bitcoin, Ethereum and XRP Price Are Crashing Today

The crypto market fell about 5.4% in 24 hours, shrinking to $2.54 trillion early Friday, November 6. Bitcoin price traded at $75,551, while Ethereum (ETH) changed hands at $2,221 and XRP price slipped to $1.20. Bitcoin dipped 6.09%, Ethereum fell 8.32%, and XRP fell 8.33% over the past 24 hours.

Crypto Market Crashes 5% Amid Post-Election Regulatory Concerns

Bitcoin price climbed above $80,000 on Wednesday after Democrats won both chambers of Congress in the U.S. midterms. 

The rally unwound Thursday as Wall Street prices dipped lower and Bitcoin fell back under $76,000. The biggest cryptocurrency dipped as low as $75,463 on Thursday, its lowest price since the start of the month.

The Nasdaq Composite fell 5.5%, and the S&P 500 fell 4.3%, with technology stocks dropping the most. 

Investors considered the possibility of political opposition to the rollout of data centers designed to fuel the capabilities of artificial intelligence. Coinbase and Strategy both fell about 10% Thursday as investors pulled back from stocks tied to digital assets.

The election also raised questions about how the incoming Congress would approach crypto regulation. The results put Senator Elizabeth Warren, a longtime crypto critic, in contention to chair the Senate Banking Committee.

U.S. Spot Bitcoin and Ether ETFs Post Nearly $530 Million in Net Outflows

Bitcoin ETFs trading on the U.S. markets experienced around $430 million in net withdrawals on November 5 as the price of Bitcoin declined. 

Spot Bitcoin ETFs Saw $430M in Net Outflows on Nov. 5; Ether ETFs Saw $99.97M

On November 5 (ET), U.S. spot Bitcoin ETFs recorded $430 million in total net outflows, led by Fidelity’s FBTC with $200 million. Spot Ether ETFs recorded $99.97 million in net outflows, led by BlackRock’s ETHA with $75.20 million.

— Wu Blockchain (@WuBlockchain) November 6, 2026

The biggest withdrawals came from Fidelity’s FBTC fund, which hauled out $199.9 million, as well as BlackRock’s IBIT fund with $105 million.

Spot Ether ETFs saw net outflows of $99.9 million, with BlackRock’s ETHA driving the trend with $75.2 million in outflows. The ETHB fund lost an additional $22 million, while smaller withdrawals occurred from Fidelity’s FETH and Grayscale’s ETHE.

Bitcoin funds saw net inflows of $74.6 million and Ether funds $53 million on Wednesday, erasing those gains. Thursday was the fourth session of net withdrawals in five trading days for both groups.

Crypto Liquidations Top $1 Billion as Leveraged Longs Unwind

The total amount of crypto liquidated in 1 day, Thursday, was $1.08 billion, of which around $954 million came from long positions. As the selling rush surged, exchanges wiped out nearly $900 million of leveraged wagers in four hours.

The cumulative total was running at close to $1.25 billion with longs at $1.11 billion by early Friday. Exchanges will force traders to liquidate long positions when they do not have enough collateral, which creates downward selling pressure.

During Wednesday’s rebound, traders betting on a decline saw $378 million in short positions liquidated within one hour.

How Low Will Bitcoin, Ethereum, and XRP Prices Go?

Bitcoin price has been coming back to the vicinity of $75,000 and is now testing support at the 50-week moving average as it has fallen below that level. If the Bitcoin price breaks below $75,000, it would put $73,000, the lower range of a wider support level, at risk.

The immediate support level for Ethereum price is around $2,200, and if buyers fail to defend that level, $2,170 is in view.

XRP price has since tumbled below $1.185, resulting in the 24-hour drop of approximately 10%. The next support level is around the $1.00 mark and a deeper slide could test the $1.16 level.

Friday’s U.S. jobs report could fuel further volatility in stocks and cryptocurrency markets as well as interest rates.