US Stocks and Crypto Plunge, Triggering $1.03B in Liquidations After Midterm Results

TLDR: The Nasdaq fell 5.10%, the S&P 500 dropped 3.43%, and the Dow declined 2.41% in intraday trading. Bitcoin fell 5.97% to $75,695.68, while Ether dropped 7.29% to $2,247.74 on Binance market data. CoinGlass data shows $1.03 billion in liquidations over 24 hours, with $818.90 million in longs in four hours. The Kobeissi Letter called the downturn more technical than fundamental, citing leverage and AI regulation fears. US stocks and crypto plunge as investors reacted to Democrats winning both chambers of Congress. Traders are concerned that the new majority may tighten rules on the artificial intelligence industry.