Morning Minute: Bitcoin Erases Election Rally as AI Stocks Crater

GM!

Today’s top news:

• Crypto majors fall 4-6% as AI stocks crash; BTC at $76.1k
• Over $1.1B in crypto longs liquidated on the day
• Dems say they will investigate Trump business dealings, starting with WLFI
• Solana Labs introduced Leap as a new mobile trading app
• Lighter sees 2nd highest day of revenue since February

$80.7k$79.0k$77.3k$75.6k

24h HighHigh$79,799

24h LowLow$75,230

VolVol$2.0B

Market projectionsOdds by Myriad

📉 Bitcoin Erases Election Rally as AI Stocks Crater

On Wednesday, the market decided a Democratic Congress was good news. Stocks had their best day in three months, Bitcoin climbed back over $80,800, and Trump posted on Truth Social that the market “just hit another Record High” with 401(k)s “through the roof.”

On Thursday, the market changed its mind.

The S&P 500 fell 4.36%, its worst session since the Liberation Day tariffs in April 2025. The Nasdaq dropped 5.52% and closed in correction, more than 10% below its record from last month. The Dow shed 1,833 points.

The damage concentrated in one place. The iShares Semiconductor ETF fell more than 12%, its worst day since March 2020. Micron lost 17.5%, AMD 17.3%, Marvell 16.4%, Nvidia 9.3%. The Magnificent Seven shed roughly $1 trillion in market value. The VIX touched 28.09 intraday, its highest since March. By the close, the U.S. stock market had lost $3T in value - more than the entire market cap of crypto.