Bitcoin, crypto stocks caught in AI trade meltdown, but Wintermute trader sees 'glass half full'
Source: CoinDesk ·
From the source
The post-election rally quickly reversed as AI stocks plunged, but cryptocurrencies held up relatively better despite a $1 billion liquidation wave. Bitcoin BTC $76,071.09 fell below $76,000 on Thursday as a rout in artificial intelligence-linked stocks swept through markets, dragging crypto down with it. The Nasdaq sank nearly 6%, on track for its worst day since Trump’s tariff rollout in April 2025, while a chip-sector index plunged over 10% in early trading. Crypto miners, many of which have been shifting their businesses toward AI computing, tumbled 15%-20%. The selloff came as investors began weighing the fallout from Tuesday's U.S. midterm elections, which handed Democrats control of both chambers of Congress. The concern is that greater political opposition could slow the construction of data centers powering the AI boom, a trade that has become increasingly important for bitcoin miners. “We're seeing some fresh selling come back to the market as the implications on slower…