Bitcoin holds near $75,000 after tech stock rout, altcoins suffer steeper losses
A record hack, a blue wave and a tech stock rout have given Bitcoin investors plenty to worry about.
Key points
- “The fact that it’s still… holding the 75 to 80 [range], I consider it a mild positive.” Bitcoin’s latest decline came after weekend revelations about Nvidia CEO Jensen Huang’s affair —and the company’s subsequent investigation into whether he was targeted by Chinese intelligence.
- The news followed two other setbacks for the industry: a Democratic takeover of Congress that dealt losses to crypto-backed candidates, and a hack that drained roughly $6.3 billion from Binance, the world’s largest centralized crypto exchange.
- Yet the leading cryptocurrency has fallen only about 1% in the past 24 hours and now trades near $75,000.
LaForge sees the gap as a familiar pattern: “Eventually when prices come down across the board, Bitcoin goes down less, and [altcoins] go down more,” he said.
In June, Bitcoin fell below $60,000 to its lowest level of 2026, amid persistently high interest rates and heavy outflows from Bitcoin exchange-traded funds.
Additional details
- Bitcoin’s resilience may say more about how far it has already fallen than about the latest bad news, according to Ish Asad, crypto research analyst at asset manager Bitwise.
- Asad argued that an earlier exodus from crypto into AI investments had left fewer investors ready to sell Bitcoin, which helped cushion its response to the recent turmoil.
- That hasn’t been the case for altcoins—the industry term for cryptocurrencies other than Bitcoin.
- It’s not to say that it’s not going to chop sideways for a little bit longer, but I think the bottom is clearly in,” he said, referring to Bitcoin’s June low.
- He expects that divergence to persist in a recovery, with Bitcoin gaining a larger share of the crypto market while many smaller tokens lag.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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