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