The brief rally of Wednesday, November 4, was erased, a day on which the pioneer cryptocurrency had broken through the $80,000 barrier. However, during Thursday’s session, the trading pair fluctuated between a high of $80,874 and a low of $75,525, according to market metrics from Anadolu Agency. At the time of writing, the price of Bitcoin hovered around $76,075.

The drop represented an intraday contraction of over 5.6%. This move brought the total digital asset market capitalization back down to $2.56 trillion.

Massive liquidations and correlation with the tech sector

Data compiled by the CoinGlass platform indicates that total liquidations surpassed $1.053 billion during the session. A total of 203,418 traders faced forced…