Democratic control of both chambers after the U.S. midterm elections coincided with steep losses in stocks and cryptocurrencies Thursday, as markets weighed potential tighter AI oversight and scrutiny of Trump-family crypto dealings.
The Nasdaq Composite fell 4.98% intraday, the S&P 500 declined 3.25%, and the Dow Jones Industrial Average lost 2.13%. The declines unfolded amid concern that Democratic control would bring stronger regulation of the AI industry and more scrutiny of business dealings linked to the Trump family.
At 11:05 a.m. ET (16:05 UTC), Bitcoin (BTC) traded at $76,023 after reaching a low of $75,558, down 5.32% in 24 hours. Ether (ETH) was at $2,251 after touching $2,236, a 7.23% 24-hour decline.
Crypto liquidations reached $870 million over four hours, including $812 million in long positions and $58.34 million in short positions. Democrats also plan to investigate Trump-family commercial dealings that include cryptocurrency. The election result puts congressional oversight and potential AI policy changes in focus as both stock indexes and digital assets face sharp losses.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to [email protected].
