Update
Bitcoin Selloff After Election and AI Stock Decline
Bitcoin fell nearly 5% Thursday, matching its Wednesday decline, as AI stocks continued to decline. The selloff affected major cryptocurrencies, with roughly $428 million in crypto longs liquidated in one hour. The selloff was exacerbated by concerns over AI spending and interest rates, as well as the potential impact of a Democratic-controlled Congress on the data-center industry. The S&P 500 and Nasdaq also experienced significant losses, with the S&P 500 losing about 2.6% and the Nasdaq dropping nearly 4%.