Morning Minute: Bitcoin Erases Election Rally as AI Stocks Crater
Summary
A sharp selloff in AI and semiconductor stocks followed concerns that Democratic election wins could bring tighter oversight and slower permitting for data centers. The S&P 500 fell 4.36%, the Nasdaq 5.52%, and semiconductor stocks plunged; U.S. equities lost about $3 trillion in value. Crypto also slid: Bitcoin dropped 5.4% to $75,871, Ether fell 7.6%, and XRP lost 9.8%. About $1.1 billion in crypto long positions were liquidated. Privacy coins Zcash and Monero outperformed, while markets awaited the October jobs report.
