The market this morning

Bitcoin erases post-election gains amid Wall Street selloff and more than $1 billion in crypto liquidations

By Crypto Info News

Good morning. Bitcoin gave back its post-election gains on Thursday. The Block reported that Bitcoin fell 6% to $75,700 and ether fell 7% as a Nasdaq selloff hit crypto, triggering $1.03 billion in liquidations. CoinDesk framed the day as an AI-trade meltdown in which cryptocurrencies held up relatively better despite a $1 billion liquidation wave, and cited a Wintermute trader describing the picture as "glass half full." In the latest market snapshot, Bitcoin sat at $76,005.51, down 5.52% over 24 hours, and ether at $2,235.77, down 7.73%. XRP fell 7.50% to $1.21 and BNB 4.25% to $688.86.

Security dominated the rest of the day. Decrypt reported that forensic analysis traces $48.6 million across 11 blockchains and finds thousands of customer deposit addresses drained hours after Mercado Bitcoin said on Monday it had stopped the breach — a gap between the exchange's account and the blockchain data. Cointelegraph reported that Binance and Deribit revoked SignalPlus API keys after a fake Teams invite compromised an engineer's computer, with SignalPlus putting losses at less than $82,000 and pledging full reimbursement. Separately, Cointelegraph reported that the Fed and OCC contacted US banks following last week's $6.3 billion Binance hack, and that Asian exchanges are tightening security on fears of AI-assisted attacks.

On policy, Cointelegraph reported that Republican French Hill won reelection in Arkansas but is set to lose the House Financial Services Committee chair when Democrats take control in January.

In corporate news, Cointelegraph reported that American Bitcoin, backed by Eric Trump, posted $126 million in quarterly net income despite rising mining costs; Decrypt reported the Hut 8-backed miner reversed a second-quarter loss, driven largely by a $197 million gain on its Bitcoin holdings. The Block reported that Hyperliquid Strategies posted $13.3 million in revenue and $620.6 million net income and filed to become a CFTC-registered FCM.

Elsewhere, The Block reported that Base activated its Denim upgrade with 200ms block times. Cointelegraph reported that Amundi tokenized a European equity index fund on Ethereum. Decrypt reported that a Zcash upgrade could strand roughly $16 million in an aging privacy system, and that Paraguay's president resigned after a bank lockout at Ueno.

What to watch: whether equities stabilise, and whether the Mercado Bitcoin discrepancy is reconciled.