Nasdaq Plunges 5.52% as Democrats Sweep Congress; Bitcoin Falls 5.57% to $75,949

The selloff is a policy shock, not a crypto-native event: a national data center moratorium threatens the power-intensive infrastructure that underpins both AI equities and bitcoin mining, which explains why semiconductors and digital assets moved together. The striking detail is Strategy trading at 0.85 times its bitcoin holdings — a closed-end-style discount that suggests leverage and forced selling are amplifying the drawdown beyond spot prices. With over $1 billion liquidated in a day, the question worth watching is whether the moratorium push becomes concrete legislation or remains a headline risk, and whether that discount persists as a signal of stressed crypto-equity balance sheets.