Bitcoin Price Crashes Over 5% to $75,000 as Tech Rout Wipes Out Leveraged Longs

The price of Bitcoin plummeted by more than 5% to reach lows near $75,000 during a volatile trading session on Thursday. This crash was largely driven by a significant rout in the Nasdaq, where major technology firms faced intense selling pressure. The contagion from the equity markets led to the forced closure of numerous leveraged long contracts in the crypto space. Investors reacted to the weakness in the tech sector by reducing their exposure to high-risk assets globally. This price action demonstrates the tight link between institutional technology portfolios and cryptocurrency valuations. The sudden decline has effectively reset market sentiment following a period of sustained bullish momentum.