India, Nov. 8 -- Bitcoin returned to $76,000 on Friday after falling below that level during Thursday's US trading session. The decline erased Wednesday's post-election rebound as investors withdrew money from spot Bitcoin ETFs and a selloff in technology stocks hit risk appetite. The largest cryptocurrency is down more than 5.3 per cent in the last 24 hours but managed to recover the $76,000 level.

The trigger was neither a crypto-specific shock nor a regulatory action against digital assets. It was the realisation, spreading through equity and crypto trading desks simultaneously on Thursday morning, that the Democrats' sweeping victory on Tuesday night carried a consequence the market had underpriced.

Between 5 and 6 November, Bitcoin...