Bitcoin slipped toward $76,500, erasing its post-election rebound, while roughly $428 million in crypto longs were liquidated within one hour. Ethereum fell more than 5%, and nearly 90% of the top 100 cryptocurrencies traded in the red. Wall Street also suffered a sharp correction, with the Nasdaq down nearly 4% and the Philadelphia Semiconductor Index dropping about 8%. Investors are concerned about AI spending, interest rates and Democratic scrutiny of data centers. Much of Wednesday’s rally was driven by traders closing short positions rather than by an influx of new buyers, which helped fuel the reversal.
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