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

*Author: William M. Peaster*
*Published: Nov 5, 2026*
*Source: https://www.bankless.com/read/news/bitcoin-slides-under-76k-as-ai-stocks-crater-after-midterms*

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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](https://www.coindesk.com/business/2026/11/05/live-updates-bitcoin-steady-around-usd80-000-as-markets-rally-after-democratic-sweep) in chip and AI stocks spread across markets, with BTC dropping “tick for tick” alongside a Nasdaq that slid roughly 4%, per CoinDesk. 

# **What’s the Scoop?**

- **The spark:** Wednesday’s after-hours earnings gave chip bears an opening. Qualcomm [sank double digits](https://finance.yahoo.com/markets/stocks/articles/p-500-futures-steady-midterm-105838388.html) after its smartphone chip sales missed estimates, while Arm’s guidance came in only a hair above consensus. That hit a sector already bruised by a 15.4% October slide in the Philadelphia Semiconductor Index. 

- **The political overhang:** Tuesday’s Democratic midterm sweep included Texas, where Gina Hinojosa [won the governor’s race](https://finance.yahoo.com/economy/article/a-democrat-won-the-texas-governors-race-after-promising-to-halt-new-data-center-construction-044536389.html) on a pledge to pause data center construction. Texas accounts for over a quarter of the U.S. data center capacity slated through 2030, so investors are now pricing in a slower AI buildout. 

- **Leverage flush:** More than $1B in crypto derivatives positions got liquidated over 24 hours, the heaviest flush since at least Oct. 28th and 29th, while open interest in BTC futures dropped under $26B for the first time since mid-September. At the time of writing, BTC sits near $75.8K (down 5.7% in 24 hours) and ETH near $2,250 (down 7.2%). Privacy coins XMR and ZEC have held up better, down only low single digits. 

- **Miners hit twice:** Bitcoin miners that pivoted to AI hosting are eating both crypto’s drop and the data center backlash, including Riot, which has been [leasing Texas capacity to Anthropic](https://www.bankless.com/read/news/anthropic-signs-huge-data-center-deal-with-bitcoin-miner-riot-platforms). IREN [fell ~18%](https://www.investing.com/news/stock-market-news/iren-stock-plunges-18-as-microsoft-raises-concerns-over-data-center-delays-5005120) on a Bloomberg report that Microsoft is keeping closer tabs on its data center projects with IREN, Nebius, and Nscale.
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