Wall Street had a good Monday. Crypto did not get the memo.

Stocks staged a sharp recovery on November 9, with the Nasdaq leading the charge. Bitcoin, meanwhile, spent the day trading between $74,162 and $74,500, stuck below the $75,000 line for the first time since August.

The damage started over the weekend. Bitcoin sold off and briefly touched $73,500, its lowest point since August.

That is a notable reversal from earlier in the month. Bitcoin had pushed above $80,000 in early November before the floor gave way.

Measured against the roughly $78,000 level where it traded earlier in November, Bitcoin is down approximately 5%.

The derivatives market made things worse. More than $1.2 billion in leveraged crypto positions were wiped out in the…