Bitcoin crashes 6% to 7-week low as US stocks erase election gains

What happened: Bitcoin fell below $76,000 at the Wall Street open as risk assets reversed their US midterm elections rally, with stocks selling off sharply. Key numbers: BTC fell more than 6% to $75,463 on Bitstamp, its lowest since Sept. 16. Why it matters: BTC/USD briefly fell below its 50-week SMA, putting that level's role as support under pressure. Portfolio manager Jordan Watson told CNBC investors may face more volatility as they digest election results, and said equity gains after the midterms should not be treated as an "all-clear signal.

Bitcoin fell below $76,000 at the Wall Street open as risk assets reversed their US midterm elections rally, with stocks selling off sharply.

BTC/USD briefly fell below its 50-week SMA, putting that level's role as support under pressure. Portfolio manager Jordan Watson told CNBC investors may face more volatility as they digest election results, and said equity gains after the midterms should not be treated as an "all-clear signal.