In brief – Bitcoin slid toward $76,000, erasing Wednesday’s breakout, as roughly $428 million in crypto longs were liquidated within an hour. – The Nasdaq approached correction territory as chipmakers and data-center firms fell on concerns over AI spending and Democratic…
ersight. – Wednesday’s rally included a massive short squeeze, with futures data pointing to repositioning rather than a comparable influx of new buyers. Bitcoin erased Wednesday’s post-election rebound Thursday as a technology stock selloff spread to cryptocurrencies, triggering hundreds of millions in forced liquidations
Bitcoin fell to about $76,500, down nearly 5% and back near levels seen before Wednesday’s jump above $80,000. Ethereum shed more than 5%, while other major tokens suffered comparable losses. Roughly 90% of the top 100 cryptocurrencies were in the red during the selloff, while roughly $428 million in crypto longs were liquidated in one hour.
Wall Street offered no shelter. The S&P 500 lost about 2.6% in late-morning trading, while the Nasdaq sank nearly 4%, approaching a correction, or a 10% drop from its peak. The election is part of the answer, but anxiety over AI spending and interest rates is making the damage worse.