Bitcoin's post-election rollercoaster 🎢

📝 What you need to know

Bitcoin has erased its post-election rally, crashing to under $76,000 and down almost 6% on the day as hundreds of millions of dollars in leveraged long bets were wiped out. Only a day earlier, it had bounced back above $80,000 as Democrats swept Congress, but much of that rally turned out to be short sellers rushing to cover rather than fresh buying.

Tech stocks have seen the same whiplash: Wednesday’s split, with Microsoft surging while Nvidia and Tesla slid, gave way to a broad rout on Wall Street on Thursday, as worries about AI and the Democrats’ midterm landslide hit stocks. In Washington, meanwhile, the new Democratic majority is reportedly preparing to push a broader crypto market structure bill, raising fresh questions over what the industry’s long-awaited rules will eventually look like.

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