Democrats Win Both Chambers as AI Oversight Fears Hit Markets
Photo: TokenPost
Democratic control of both chambers after the U.S. midterm elections coincided with steep losses in stocks and cryptocurrencies Thursday, as markets weighed potential tighter AI oversight and scrutiny of Trump-family crypto dealings. The Nasdaq Composite fell 4.98% intraday, the S&P 500 declined 3.25%, and the Dow Jones Industrial Average lost 2.13%. The declines unfolded amid concern that Democratic control would bring stronger regulation of the AI industry and more scrutiny of business dealings linked to the Trump family. At 11:05 a.m. ET (16:05 UTC), Bitcoin (BTC) traded at $76,023 after reaching a low of $75,558, down 5.32% in 24 hours.
Source: TokenPost
