Bitcoin held above $75,000 on Friday, Nov. 6, 2026, after falling as much as 6.6% on Thursday, as a US technology-stock sell-off spread to Asian markets. South Korea’s KOSPI briefly halted trading after an early decline of more than 8%.
TradingView data cited by Cointelegraph showed BTC/USD trading near its 50-week simple moving average, which stood at $75,733.
South Korea moves to limit forced selling
Thursday’s Wall Street session ended with the S&P 500 down 4.4% and the Nasdaq Composite down 5.5%. The Philadelphia Semiconductor Index, which tracks 30 semiconductor companies, fell 12.2%.
The selling extended into Asia on Friday. The KOSPI’s opening slide triggered a circuit breaker and a 20-minute trading halt. It subsequently pared its losses, closing 6% lower at 5,059.69 points—its lowest close since March 31.
At an emergency meeting, South Korean Deputy Prime Minister and Finance Minister Lee Hyoung-il announced measures intended to reduce forced selling. According to local media, brokerages would receive a three-month exemption, starting Monday, from the requirement to maintain a 140% collateral ratio on margin loans.
Authorities said they would prepare further measures if volatility increased. Chosun quoted an unnamed government source acknowledging increased global stock-market volatility following the US midterm elections, while describing the domestic market’s response to external factors as excessive.
AI-policy fears meet existing spending concerns
Analysts linked Thursday’s US stock losses to fears of tighter artificial-intelligence regulation after Democrats won the House and Senate. Those concerns added to existing unease about the sector’s capital spending.
The Kobeissi Letter pointed to Democratic Rep. Yassamin Ansari’s call for a “pause on advanced AI development,” but argued that an outright US AI ban was highly unlikely. In its view, such a ban would surrender the country’s position in the global AI race to China.
“We believe today’s decline was more technical than fundamental,” the commentary service wrote in a Thursday X post. That was its assessment, rather than an established explanation for the sell-off. Kobeissi also noted that the S&P 500’s decline was about 2.5% when technology stocks were excluded.
Economist Mohamed El-Erian called for common ground on AI policy. In a Substack note, he argued that America’s “let it rip” approach aligned with AI’s productivity potential and national-security imperatives, but had fallen short on safety, diffusion and bringing society along. He attributed the backlash to “genuine concerns,” information failures and behavioral factors.
Historical context is not a forecast
Cointelegraph noted that Bitcoin’s correlation with the S&P 500 had become more positive in recent months. It also cited its earlier reporting that Democratic midterm sweeps under Republican presidents had historically been followed by strong stock returns. That historical observation does not establish what follows this episode or predict Bitcoin’s next move.
Original publication: Nov. 6, 2026, at 19:16:53 UTC+8. Read the original Cointelegraph article.
