$BTC’s $74K Break Has Wall Street Nervous, Crypto Liquidations Hit $855.69M

Bitcoin plunged toward $74,000 on November 8, 2026, touching $73,708 and extending a selloff that began after the cryptocurrency briefly dropped below $75,000 for the first time since Aug. 21. CoinGlass recorded $855.69 million in crypto liquidations over 24 hours, with more than 140,000 traders liquidated and long positions accounting for 90.2% of the losses. Ethereum also fell to $2,100.

The decline followed a volatile reaction to a US jobs report showing 165,000 jobs added in October, nearly triple the 59,000 expected, while another consensus cited 64,000. Unemployment fell to 4.1%, below the 4.2% forecast. August and September payrolls were revised up by a combined 84,000, lifting the three-month hiring average to about 137,000. Average hourly earnings rose 0.4% in October and 3.1% from a year earlier, compared with forecasts of 0.3% and 2.9%.

Traders increased to a 76.8% probability of a quarter-point Federal Reserve rate hike at the December 8 and 9 meeting, up from 67% before the jobs data, according to CME FedWatch. The Fed raised rates in September for the first time in three years and held its range at 3.75% to 4.00% on October 28. Bitcoin briefly climbed above $76,100 before falling to about $75,600 and later trading near $75,780 on Binance, roughly 0.2% below its pre-release level.

Gold dropped to about $4,032 an ounce shortly after the 8:30 a.m. ET release, down from roughly $4,062, before recovering to about $4,050. BeInCrypto has tracked a 31% decline from the metal’s peak. The US Dollar Index spiked to about 102.22 and settled near 102.14, up from 102.07 before the report, while the Nasdaq Composite fell 5.52% on Thursday and the S&P 500 closed at 7,353.73.

Selling pressure also extended to US spot Bitcoin ETFs, which recorded approximately $1.28 billion in net outflows last week, including $411.9 million on Friday, with $403 million withdrawn from BlackRock’s IBIT. Glassnode estimated Bitcoin’s short-term holder cost basis near $75,700, while the cryptocurrency remained below resistance at $76,000 and the 77,000–80,000 range. Bitcoin traded under $75,700 at 11:48 a.m. EST on Friday, down nearly 1.5% over the previous 24 hours.