Bitcoin trades near $76K, Ethereum at $2,240 as tech selloff, strong US jobs data weigh on crypto markets

Bitcoin traded near $76,000 and Ethereum near $2,240 mark as falling tech shares, concerns over AI and data-center spending, and uncertainty around U.S. crypto legislation weighed on crypto markets. The cryptocurrency was trading at $76,036 mark and Ethereum was at $2,244 mark.

In the past 24 hours, Bitcoin and Ethereum were up 0.6% and 0.8% respectively. Among the major altcoins, BNB, Solana, Hyperliquid, Dogecoin, and Cardano gained upto 1.8% whereas XRP and Tron corrected 1.3% and 0.1% respectively.

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Riya Sehgal, Research Analyst, Delta Exchange said that the October U.S. jobs report showed 165,000 jobs added, above the roughly 65,000 forecast. Unemployment was 4.1%, and wages rose 0.4% month over month, which may reduce expectations for near-term rate cuts.

ETF outflows slowed Friday. U.S. spot Bitcoin funds saw $51.7 million in outflows and Ether funds $1.9 million, compared with Thursday’s $430 million and $100 million, respectively, Sehgal also said.

Holding support may bring consolidation, reclaiming resistance would support a recovery, Sehgal further added.

The global crypto market capitalisation went up 0.4% to $2.64 trillion, according to the data on Coingecko.

Over the last week, Bitcoin was down 1.7% and Ethereum was flat. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected upto 10.9%.

Harish Vatnani, Country Head - India, ZebPay said that over the past week, the crypto market stayed under pressure as the aftermath of the Binance security incident, heavy ETF outflows and a sharp sell-off in US technology stocks outweighed a brief post-election rally.

“Sentiment swung back into fear, with the Fear & Greed Index dropping from 50 to 28 and total crypto market capitalisation slipping to about $2.6 trillion. US spot Bitcoin ETFs saw heavy selling after the Binance incident. ETF demand has not been enough to offset the sell-off, and the slump in AI and chip stocks and profit-taking after the election rally have pushed risk assets lower.”

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Vatnani further said that BTC is now about 40% below its all-time high of around $126,000 set in early October 2025 and trades just above the $75,000 support, which is also the area of the September low.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)