Bitcoin Slides Under $76K as AI Stocks Crater After Midterms

Chipmaker earnings and Tuesday's Democratic sweep sent AI stocks tumbling, and more than $1B in crypto leverage went down with them. Crypto’s post-election bounce didn’t last. On Thursday (Nov. 5th), bitcoin fell from above $80.8K to under $76K as a sharp selloff in chip and AI stocks spread across markets, with BTC dropping “tick for tick” alongside a Nasdaq that slid roughly 4%, per CoinDesk. The spark: Wednesday’s after-hours earnings gave chip bears an opening. Qualcomm sank double digits after its smartphone chip sales missed estimates, while Arm’s guidance came in only a hair above consensus.