Bitcoin Slides 5.5% as Democrats Seize Both Chambers and Stocks Crumble

Bitcoin got punched Thursday, falling 5.5% to $76,036 as U.S. stocks cratered and Democrats grabbed control of both chambers of Congress. The crypto king moved in lockstep with equities, which is exactly the kind of day risk assets dread.

The damage on Wall Street was ugly. The S&P 500 dropped 4.36%, closing at 7,353.73 — its steepest single-day slide since April 2025. The Nasdaq Composite slid 5.52% to 24,315, tipping into correction territory, defined as a drop of at least 10% from its recent high.

The political backdrop shifted fast. At least seven states flipped in Senate races, handing Democrats a 54-44 Senate majority and a 253-155 edge in the House. The party fell short, though, of the two-thirds majorities in both chambers it would need to override President Donald Trump's vetoes.

That last detail matters for markets. A Congress that can pass bills but can't override vetoes is a Congress that can't unilaterally rewrite the rules — yet traders clearly didn't wait around to parse the nuance before hitting sell.

Bitcoin's loss came alongside declines in both major U.S. equity benchmarks, a reminder that the token's reputation as a hedge has not held up on days like this. When stocks sneeze, crypto still catches the cold.

What happens next hinges on whether the selling deepens or buyers step in near these levels. For now, the numbers tell the story: a 5.5% bitcoin haircut, a 4.36% S&P slide, and a Nasdaq that just booked a correction.