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Bitcoin Erases Election Rally as AI Stocks Plunge, $428 Million in Crypto Longs Get Wiped Out
Bitcoin fell nearly 5% to about $76,500 on Thursday, wiping out its post-election rise above $80,000 as a technology share selloff spread to cryptocurrencies. The reversal triggered heavy forced selling, showing how quickly leveraged trading can amplify market moves.
About $428 million in crypto long positions were liquidated in one hour, while roughly 90% of the top 100 cryptocurrencies fell. The Nasdaq dropped nearly 4% and the S&P 500 about 2.6%, as investors reassessed AI spending, interest rates and the implications of Democrats’ election gains for data-centre development and crypto regulation. Bitcoin had already lost ground in recent weeks amid broader market concerns and the fallout from a major Binance hack.
In short
- Bitcoin fell back to about $76,500.
- One hour of trading wiped out $428 million in crypto longs.
- AI spending and interest-rate concerns pressured markets.
AI Business Crypto Elections Government Markets Politics Technology