Bitcoin erases post-election gains as crypto longs liquidate about $428 million in one hour

Bitcoin fell to about $76,500, down nearly 5%, erasing its post-U.S. election gains, while Ether dropped more than 5% as a technology-stock selloff spilled into crypto markets. Roughly $428 million in long positions were liquidated within one hour, according to Decrypt. The reversal follows a rally that had pushed Bitcoin above $80,000, where about $378 million in short positions were liquidated in a single hour. Investors are weighing concerns over AI spending, interest rates and the policy outlook after the election.