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The global cryptocurrency market lost 5.01% of its value over 24 hours, falling to approximately $2.64 trillion on Thursday as Bitcoin and Ethereum reversed the gains recorded a day earlier.
Bitcoin (BTC) traded near $76,100, down about 5% over 24 hours, while Ethereum (ETH) fell almost 7% to around $2,252. The declines followed a broad recovery on November 4, when Bitcoin climbed above $80,000, and Ethereum reclaimed $2,400 as Democrats secured control of both chambers of Congress in the US midterm elections.
The latest retreat brought both assets below their November 4 trading levels. However, the available market data do not establish that the election results caused Wednesday’s rally or Thursday’s reversal.
Crypto market capitalization falls to $2.64 trillion
The total cryptocurrency market capitalization stood at approximately $2.643 trillion at 19:22 UTC on November 5, down 5.01% over 24 hours, according to CoinGecko data. The market’s value was also 19.35% lower than a year earlier.
Bitcoin accounted for approximately $1.53 trillion of the total market capitalization, representing 57.92% market dominance. Stablecoins had a combined market value of $295 billion, or 11.18% of the market. The market recorded $93.79 billion in 24-hour trading volume. The data covered 21,670 cryptocurrencies across 1,525 exchanges and 777 market categories.
Bitcoin and Ethereum reverse Wednesday’s gains
Bitcoin traded at $76,102.40 at 19:22 UTC on November 5, down 5% over 24 hours. Its price had reached a high of $80,881.69 during the period before falling to a low of $75,572.68. The decline reversed Wednesday’s advance, when Bitcoin gained 3.48% to reach $80,212 at 16:21 UTC, according to a Crypto Times report dated November 4.
Thursday’s quoted price was about 5% below that level. Bitcoin’s market capitalization stood at approximately $1.532 trillion, with 24-hour trading volume of $40.36 billion. Open interest in perpetual futures contracts reached $67.74 billion.
On the other hand, Ethereum recorded a larger decline. Its price stood at $2,252.17 at 19:22 UTC, down 6.9% over 24 hours. The asset traded within a range of $2,239.79 to $2,441.85. On November 4, Ethereum had gained 5.73% to reach $2,423.98, according to a Crypto Times report.
Its latest price was approximately 7.1% below that level. Ethereum’s market capitalization stood at about $275.78 billion, while 24-hour trading volume reached $15.67 billion. Perpetual futures open interest was approximately $42.69 billion.
Other major assets also traded lower. BNB fell 3.4% over 24 hours to $692.05, while XRP declined 5.8% to $1.24.
Crypto liquidations reach $1.09 billion
The market decline coincided with more than $1.09 billion in liquidations across crypto derivatives markets over 24 hours, according to CoinGlass data (at 19:22 UTC on November 5).
Long positions accounted for approximately $955.58 million, or 88% of the total. Short positions made up the remaining $130.73 million, or about 12%. Bitcoin-related liquidations reached $282.33 million, with long positions accounting for 89.4%. Ethereum liquidations totaled $173.72 million, of which 81.8% involved long positions.
The data recorded 209,913 liquidated traders during the period. Binance accounted for 46.3% of total liquidations, while the largest single liquidation was a $10.94 million ETHUSDT long position executed at $2,243.86. Liquidations accelerated over the longer intraday periods. The 12-hour total reached approximately $993.97 million, including $897.95 million in long positions. The four-hour figure stood at $433.21 million, with long liquidations accounting for $381.12 million.
The figures indicate that leveraged long positions made up most of the reported forced closures during the decline. They do not, by themselves, identify the initial trigger for the market move.
US Jobless claims fall to 189,000
Beyond crypto derivatives markets, traders also weighed broader economic data earlier on November 5, as the US Labor Department reported that initial jobless claims fell by 6,000 to 189,000 in the week ended October 31. The previous week’s figure was revised upward to 195,000 from 194,000.
The four-week moving average declined by 2,250 to 194,750. Meanwhile, the number of people continuing to receive unemployment benefits rose by 23,000 to 1.718 million in the week ended October 24. The insured unemployment rate remained at 1.1%. The weekly claims report offered an updated measure of labor-market conditions but did not establish a direct connection to Thursday’s cryptocurrency losses.
Midterm rally reverses as market retreats
The market’s latest decline followed Wednesday’s gains, which came as Democrats secured control of both the House and Senate in the November 3 midterm elections, according to an NPR analysis.
The election result is expected to change the congressional agenda when the new Congress takes office in January. Democrats’ control of both chambers could increase congressional oversight of the Trump administration and affect discussions around legislation, including measures concerning digital assets.
President Donald Trump retains veto authority, meaning legislation passed by Congress would still need to overcome that power to become law.
Although the crypto market advanced on Wednesday and retreated the following day, the sequence does not establish an election-driven price reaction. The available data show the reversal in Bitcoin, Ethereum, and the broader market, alongside elevated derivatives liquidations, but do not identify a specific catalyst.
All the cryptocurrency-related data is sourced from CoinGecko, while liquidation data is sourced from CoinGlass (as of 19:22 UTC on November 5).
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