Bitcoin fell Friday as a steep U.S. stock selloff spread into crypto markets, with major technology and crypto-linked shares dropping sharply after midterm election results.

The Nasdaq 100 sank 6.4%, its largest one-day decline since March 2020, while the S&P 500 fell 4.4%. A semiconductor index dropped 12%, and the selloff erased about $2.3 trillion in market value.

Crypto-linked shares also fell. Coinbase lost 9.69%, while MSTR shares dropped 9.29%. Bitcoin (BTC) slid soon after U.S. trading began, then steadied at $76,292.

Nvidia fell 9%, while Micron dropped 17.46%; Sandisk sank 22% and Western Digital lost 17%. The VIX volatility index jumped 70% during the session.

The political backdrop included Democrats taking both chambers of…