Bitcoin (BTC) and the wider crypto market fell on Thursday as US markets opened. Losses in AI-related stocks pushed the NASDAQ Composite (IXIC) down as much as 5% amid concerns that Democrats’ control of both chambers of the US Congress could lead to tighter crypto and AI regulations.

Bitcoin slides alongside tech stocks

Bitcoin dropped below $76,000, down more than 5% over the past 24 hours, erasing gains from Wednesday’s post-midterm election rally. Ethereum (ETH), XRP and Solana (SOL) fell more than 6%, while the broader crypto market capitalization fell 4.5% to $2.71 trillion.

The drop has sparked nearly $900 million in crypto futures liquidations over the past four hours. That has sent liquidations over the past 24 hours to $1.08…