DECRYPT · 2026-11-05 16:29 UTC

Bitcoin Erases Election Rally as AI Stocks Plunge, $428 Million in Crypto Longs Get Wiped Out

Bitcoin fell nearly 5% to $76,500 after Wednesday's post-election rally, with Ethereum and other major tokens down over 5% as roughly $428 million in crypto longs were liquidated in one hour. S&P 500 dropped 2.6% and Nasdaq fell nearly 4% as a technology stock selloff spread to cryptocurrencies, driven by concerns over AI spending and interest rates. Democratic control of Congress raised investor concerns about data-center development restrictions and AI infrastructure scrutiny, with voters in 29 U.S. jurisdictions backing data-center restrictions that could threaten 30% of planned U.S.…

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