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The Nasdaq Composite fell 5.10% in intraday trading as U.S. stocks and cryptocurrencies plunged amid fears that Democrats' sweep of both chambers of Congress could lead to tighter AI regulation. The S&P 500 dropped 3.43% and the Dow Jones Industrial Average declined 2.41%.
Why it matters
Democrats are also planning to investigate Trump family business dealings, including crypto-related ventures. The selloff hit technology stocks and digital assets alongside the shift in the congressional landscape.
Market impact
Binance market data showed Bitcoin down 5.97% at $75,695.68 after hitting $75,568. Ether fell 7.29% to $2,247.74, with a low of $2,236.78.
CoinGlass data showed $879.92 million in crypto positions liquidated over four hours, including $818.90 million in longs and $61.02 million in shorts. Over 24 hours, liquidations totaled $1.03 billion across 198,192 traders. The largest single liquidation was $10.94 million on Binance's ETHUSDT pair.
Frequently asked questions
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How did the major U.S. stock indexes perform?
In intraday trading, the Nasdaq Composite fell 5.10%, the S&P 500 dropped 3.43% and the Dow Jones Industrial Average declined 2.41%.
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What prices did Bitcoin and Ether hit during the selloff?
Binance market data showed Bitcoin at $75,695.68 after a low of $75,568. Ether traded at $2,247.74 after hitting $2,236.78.
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How much of the four-hour liquidations came from long positions?
Long positions accounted for $818.90 million of the $879.92 million liquidated over four hours, according to CoinGlass. Shorts accounted for $61.02 million.
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How many traders were affected by liquidations over 24 hours?
CoinGlass recorded $1.03 billion in liquidations over 24 hours, affecting 198,192 traders. The largest single liquidation was $10.94 million on Binance's ETHUSDT pair.
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What Trump family dealings do Democrats plan to investigate?
Democrats plan to investigate Trump family business dealings, including crypto-related ventures.
Benjamin Cowen
WatcherGuru
CryptoSlate
CoinTelegraph
CoinDesk