Bitcoin fell to $76,000 as the post-election selloff in US markets accelerated. The Nasdaq 100’s losses reached 5%, while the Nasdaq dropped nearly 4% and the S&P 500 declined 2.2%.
Chipmakers led the selloff. Concerns that Democratic control of both chambers of Congress could bring tighter regulation of the artificial intelligence industry accelerated selling in technology stocks.
Gold initially climbed to $4,116 on safe-haven demand before giving back some of its gains and slipping below $4,100 per ounce. Silver also fell below $52 per ounce.
Crypto-related companies were also hit by the selloff. Coinbase fell 7.8%, Robinhood and Circle each lost 10%, Strategy dropped 8.3%, and Bullish declined 7.7%.
Companies pivoting from Bitcoin mining to AI data centers posted double-digit losses. Keel Infrastructure fell 17%, while losses in Cipher Mining, IREN, Bitdeer, TeraWulf and CleanSpark ranged from 13% to 15%.
