Crypto Wipes Out $100B Post-Election Rally as Bitcoin and XRP Slide

The crypto market just gave back a $100 billion rally in a matter of days. Bitcoin.com News reports the whole market cap kicked off November barely above $2.7 trillion, sagged to $2.67 trillion on pre-election nerves, then shot up to nearly $2.79 trillion by Nov. 5 as early midterm results pointed to a power shift in Washington.

The celebration didn't last. Reports of proposed Democratic restrictions on crypto and data centers sent technology stocks — especially AI-linked names — into a tailspin, per Bitcoin.com News, and crypto got dragged down with them. By Friday, Nov. 6, the total market cap had slipped back below $2.64 trillion.

Bitcoin rode the whole rollercoaster. It climbed from just above $75,000 to $81,000, then dipped under $75,000 for the first time since late August. It started the week at $77,845 and finished at $75,877, a 2.5% decline.

XRP took a harder hit. It briefly cleared $1.32 before reversing course and sliding into Saturday, where it tagged a multi-week low of $1.15 — down more than 7% across the seven days. Hyperliquid bled more than 12%, NEAR dropped 15%, BCH fell about 12%, XLM lost roughly 10%, and WLFI shed 7%.

Not everyone drowned. Tron and privacy coin zcash each added about 3%, while gold-backed tokens XAUT and PAXG gained 4.6% and 4.1% respectively — a quiet reminder that when tech and crypto wobble together, some traders go looking for gold.