Bitcoin and crypto-linked stocks faced heavy selling pressure Thursday as an AI-sector meltdown and concerns over post-midterm data-center regulations triggered a $1 billion liquidation event.
Bitcoin fell below $76,000 on Thursday, down roughly 5.5% over 24 hours, as a rout in AI-linked stocks swept through markets and more than $1 billion in crypto derivatives were liquidated, mostly bullish bets. Election-driven fears of slower data-center buildout and leverage flushes point to continued pressure, though crypto held up better than AI-linked stocks and some traders see medium-term upside.
Bitcoin fell below $76,000 as a selloff in AI-linked stocks spread to crypto, with investors worried the midterm election outcome could slow data-center construction, and over $1 billion in leveraged bullish crypto bets were liquidated.
Bitcoin is down roughly 5.5% over the past 24 hours, back near levels seen before Wednesday's rally, but it has held up better than crypto-mining stocks that fell 15%-20%.
The Nasdaq sank nearly 6% on Thursday, on track for its worst day since the tariff rollout in April 2025, as a chip-sector index plunged over 10% and investors weighed the fallout from Tuesday's midterm elections and disappointing chipmaker earnings, threatening the AI-infrastructure buildout.
The Nasdaq sank nearly 6% as investors weighed the fallout from the midterm elections, fearing greater political opposition could slow data-center construction, and disappointing chipmaker earnings added pressure on AI-linked stocks.
The roughly 6% drop put the Nasdaq on track for its worst day since the tariff rollout in April 2025.
Coinbase, the largest U.S. crypto exchange, plunged between 10% and 15% as the AI-trade meltdown and post-midterm concerns about slowing data-center buildout hit crypto-linked stocks, which fell harder than the major cryptocurrencies themselves.
Coinbase plunged between 10% and 15%, caught in the selloff of crypto stocks tied to the AI trade.
Many crypto stocks, including miners shifting into AI computing, are more exposed to the AI and data-center trade, which investors fear could slow after the midterms handed Democrats control of Congress.
Strategy, a bitcoin treasury company, lost 9.6% on Thursday as the crypto-stock selloff tied to the AI-trade rout and post-midterm concerns about the AI buildout swept through crypto-linked equities.
Strategy lost 9.6%, caught in the selloff of crypto stocks during the AI-trade meltdown.
Ether traded around $2,247.71 with losses of 6%-7% over 24 hours, slightly steeper than Bitcoin's 5.5% decline, as the AI-stock rout and forced selling in leveraged derivatives dragged the broader crypto market lower.
Yes, Ether suffered slightly steeper losses of 6%-7% over the past 24 hours, compared with Bitcoin's roughly 5.5% decline.
Solana was among the major cryptocurrencies that lost 6%-7% over the past 24 hours as the AI-stock rout, election-related data-center concerns and over $1 billion in derivatives liquidations dragged the crypto market lower.
Solana lost 6%-7% over the past 24 hours, slightly more than Bitcoin's roughly 5.5% drop.
Bitcoin fell 5.5% to under $76,000 on Thursday as a broader market selloff in AI-linked stocks and chipmakers spilled into the crypto sector. The decline was exacerbated by over $1 billion in leveraged derivative liquidations, as investors reacted to midterm election results that may hinder data-center expansion.
The decline was driven by a broader rout in AI-linked stocks and chipmakers, compounded by investor concerns that midterm election results could lead to increased regulatory opposition against data-center construction.
More than $1 billion in crypto derivatives were liquidated over a 24-hour period, primarily affecting bullish leveraged positions, representing the largest such event since late October.