Bitcoin crashes 6% to 7-week low as US stocks erase election gains

Bitcoin (BTC) fell below $76,000 on Thursday as risk assets abruptly reversed their US midterm elections rally.

Bitcoin fell to $75,463 its lowest levels since Sept. 16, amid a worsening stock sell-off.

Risk assets gave back gains from the US midterm elections, with the Nasdaq Composite Index dropping 4.2%.

BTC/USD briefly fell below its 50-week simple moving average (SMA), at $75,733, putting the level’s role as support under pressure.

BTC price sinks below $76,000 amid risk-asset rout

Data from TradingView showed BTC/USD shedding more than 6% to $75,463 on Bitstamp, its lowest levels since Sept. 16.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

After making swift gains on the back of a Democrat sweep of the US House of Representatives and Senate, equities saw sharp selling on Thursday as traders rotated out of tech.