Morning Minute: Bitcoin Erases Election Rally as AI Stocks Crater

US markets reversed their post-election gains on Thursday, with technology and crypto assets falling sharply as investors weighed the possibility of tighter oversight and slower permitting for AI data centres. The sell-off followed a strong Wednesday, when stocks rose and Bitcoin climbed above $80,800, and showed how quickly sentiment shifted around the same election result.

The S&P 500 dropped 4.36%, the Nasdaq fell 5.52% into correction territory, and the Dow lost 1,833 points. The semiconductor ETF fell more than 12%, while the seven largest technology stocks lost about $1 trillion in value; Bitcoin declined 5.4% to $75,871 and nearly $1.1 billion in crypto long positions were liquidated. Investors were looking ahead to Friday’s October jobs report, while Zcash and Monero fell less than the wider market.