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Morning Edition · Friday, November 6, 2026Published at 4:38 AM EST · New York
Bitcoin falls to about $75,600 as more than $1 billion in leveraged positions are liquidated
Gold rose while bitcoin fell during Thursday's sell-off, and Core Scientific said it will end bitcoin mining by year-end after quarterly revenue from leasing data-center space to AI clients reached $215.4 million.
Bitcoin traded near $75,650 at 06:00 UTC on Friday, down about 6% over 24 hours, according to CoinGecko data. Forced selling of leveraged positions across crypto markets passed $1.25 billion, according to CoinGlass, and nearly 89% of it hit bets on rising prices. Bitcoin Magazine reports that Strategy, Coinbase and bitcoin miners fell by double-digit percentages on Thursday as the Nasdaq dropped deeper into a correction.
Bitcoin and gold moved in opposite directions. On Thursday afternoon, as investors sold technology stocks, gold rose about 1.2% and bitcoin fell. Bitcoin is trading in line with leveraged technology shares. A week of bad crypto-specific news added to the selling. Attackers took about $6.3 billion from Binance, an attack the US Federal Bureau of Investigation (FBI) attributes to North Korean hackers and that Pyongyang denies. US spot bitcoin exchange-traded funds (ETFs) recorded $643 million in net outflows on October 30, the largest one-day outflow since June 25, according to data reported by The Block.
Miners are moving their power supply to AI. Core Scientific's latest quarterly filing shows colocation revenue of $215.4 million, up from $15.0 million a year earlier, while self-mining revenue fell to $12.3 million from $57.4 million. Bitcoin Magazine reports that the company will finish winding down mining in the fourth quarter and enter 2027 as a data-center landlord for AI clients. Its colocation revenue comes from a single customer, CoreWeave, whose shares are at the center of the AI sell-off.
At World Liberty Financial, the crypto venture backed by the Trump family, the governance token has fallen 66% this year. CoinDesk reports that the company plans to buy back tokens, possibly with fees earned on the reserves of its USD1 stablecoin. In Europe, CoinDesk reports that Greece approved a 10% tax on crypto gains and a 15% levy on decentralized finance (DeFi) income, with a 12-month window to declare past gains without late-filing penalties.
Part of a tracked trend
Bitcoin Trades as a Risk Asset, Not Digital Gold
At each geopolitical or inflationary stress point, bitcoin keeps trading with liquidity-sensitive risk assets rather than with monetary metals, so the digital-gold framing continues to fail exactly when investors most want it to hold.
Veracity: Plausible
55/100- If true, who benefits
If the North Korean attribution holds, Binance can place the loss on a sanctioned state actor instead of its own security, and Washington gains a case for tighter controls on exchanges that handle laundered funds.
- The nuance
Blockchain analysts at TRM Labs, Chainalysis and Elliptic attribute the Binance theft to North Korea, but available reporting shows no attribution from the Federal Bureau of Investigation (FBI) for this theft (its earlier finding concerned the 2025 Bybit hack) and no specific denial from Pyongyang, so the edition's "FBI attributes, Pyongyang denies" wording goes further than the record.
An open-source-intelligence read of how likely this story is true with its real nuance, not a judgment of any outlet. It assesses the claim, weighing independent and adversarial reporting. How we label confidence.
What this means
Bitcoin is exposed through leverage and through AI. Leveraged long positions were liquidated when technology stocks fell. Large listed holders such as Strategy and Coinbase fall more than bitcoin itself, which adds to the selling. Miners are moving power and sites toward AI clients, a business now under its own valuation pressure. Core Scientific's move shows that at current prices and mining difficulty, a megawatt earns more from AI tenants than from mining. Hash-rate growth will slow, which eventually lowers miners' costs. The new part is that miners' best alternative business is now tied to the same AI trade that is unwinding, so the sector has less protection from the downturn. The consensus calls bitcoin a hedge against monetary debasement. On the evidence of this week, it trades as a high-beta technology asset whenever liquidity tightens. The precedent is 2022, when bitcoin fell with the Nasdaq through the Fed's tightening cycle, and crypto lenders and miners failed before it recovered. The likelier outcome is that bitcoin keeps tracking the Nasdaq for weeks, with $73,000 the next level traders cite on the downside. That holds unless spot ETF inflows return. Sustained net inflows while the Nasdaq falls would break that link and show the hedge working.
Synthesized from: Bitcoin Magazine (price) · Bitcoin Magazine (Core Scientific) · CoinDesk (World Liberty) · CoinDesk (Greece)
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