5 November can be told in two ways. The first is the charts: Bitcoin below $76,000, the Nasdaq in correction, more than a billion dollars of leveraged positions liquidated. The second concerns where the energy that fed the machines computing bitcoin is moving.

The drop and the leverage

Bitcoin went from above $80,000 to just under $76,000 in a single session, with a low below $75,500. The Nasdaq Composite lost about 5 percent, the Nasdaq 100 6.4: the worst day since March 2020, according to CoinDesk. The pretext is the midterm elections: rotation out of technology stocks and fear that a Democratic Congress will tighten the constraints on building data centers.

Leverage did the rest: about $370 million of long liquidations in the first hour, more than a billion over 24 hours, of which roughly $954 million were long, according to Bitcoin Magazine, Bitcoin Magazine Pro and CoinGlass. They were bullish bets bought on Wednesday’s bounce, and they were the first to break.

The miner changing trade

On the same day Core Scientific said something worth more than a price: “We expect to complete the exit in the fourth quarter and enter 2027 as a pure high-density colocation operator,” chief financial officer Jim Nygaard said on the third-quarter earnings call. The numbers make the point: out of $232.9 million in revenue, colocation accounts for $215.4 million, about 92 percent, while bitcoin mining stops at $17.5 million, 7.5 percent.

It is not a surrender, it is a move: same power, same sheds, a different customer. The company bills 485 megawatts of colocation, with contracts for 590 MW from CoreWeave and 530 from an AMD-backed agreement. For a company like this, mining is the least profitable branch of a real estate business.

The rules arrive anyway

While the price falls, regulation advances with precise dates. The OCC’s final rule on the GENIUS Act takes effect on 18 January 2027: from then on, issuing a payment stablecoin in the United States will require federal or state authorisation, with standards on reserves, redemption and risk. Anti-money-laundering and sanctions rules stay out, deferred to a separate rulemaking with the Treasury.

Greece has meanwhile approved its first tax framework for crypto: 10 percent on annual net gains above 500 euros from 1 January 2027, with staking and DeFi income taxed as interest at 15 percent. Parliament’s scientific service has warned, however, CoinDesk reports, that the wording could also hit crypto-to-crypto trades that the ministry considers non-taxable.

The point

A market falling five percent because of data centers and a miner that stops mining to rent its sheds to AI are saying the same thing: marginal capital no longer sees bitcoin as the most interesting return, and the written rule remains the only variable nobody can liquidate.

Verified sources: Bitcoin Magazine, 5 November 2026 (price, liquidations, Nasdaq in correction); Bloomberg, 5 November 2026 (seven-week low, Nasdaq 100 -6.4%); CoinDesk live blog, 5 November 2026 (more than 1 bln in liquidations according to CoinGlass, worst session since March 2020); Bitcoin Magazine and Benzinga, 5 November 2026, with call transcript (Core Scientific: 232.9 mln revenue, 215.4 mln colocation, 17.5 mln mining, exit by year-end); Reuters, CoinDesk and GreekReporter, 5-6 November 2026 (Greek 10 percent tax from 1 January 2027, 500-euro exemption, 15 percent on staking and DeFi); OCC, News Release 2026-92 of 21 October 2026 (GENIUS rule effective 18 January 2027, exclusion of BSA/AML and sanctions). Not included in the piece: the SEC proposal on crypto brokers (identifier 3235-AN48), present in the report but not confirmed by a second independent source beyond Bitbo and Law360.