Bitcoin was above $80,000 on every one of our hourly readings until midday UTC on Thursday. By 16:05 it was $75,963, and it's $76,055 this morning, down 5.4% in a day. Ether fell further and is down 7.5%.

Bitcoin fell with US tech stocks. The Nasdaq is the index where most of the big AI companies are listed, and it closed down 5.5% on Thursday. An index of chipmakers fell more than 12%.

Qualcomm, which makes phone chips, warned late on Wednesday of weaker profit margins ahead. On Tuesday, voters backed candidates and ballot measures that would slow data-center construction, and AI companies can't grow without data centers.

Dina Powell McCormick, the president of Meta, said this week that getting data centers built is "going to be harder" after the election.

Exchanges forcibly closed more than $1 billion of borrowed bets on crypto prices in 24 hours, according to the data firm CoinGlass. In the four hours when bitcoin fell fastest, 93% of the money was in bets on higher prices.

Fund investors sold as well, taking $430.2 million out of the US bitcoin funds on Thursday. They had put in $74.6 million on Wednesday, the day bitcoin crossed $80,000. Since Monday they've taken out $869.8 million more than they put in.

Investors who sold stocks bought US government bonds. The yield on the 10-year Treasury falls when investors buy, and it dropped to 4.836%.

Bitcoin's supporters call it digital gold, the thing you hold when other markets frighten you. On Thursday investors bought bonds, gold rose half a percent, and bitcoin fell with the AI shares. If you hold bitcoin, it's worth watching those shares for as long as bitcoin moves with them.

Robert Garcia is the Democrat expected to chair the House Oversight Committee. He says it will investigate the Trump family's businesses, crypto included.

World Liberty Financial, the family's crypto company, is likely to be among the first investigated. Fortune reported that the inquiries could start as early as February. Democrats also plan to examine President Trump's pardon of Changpeng Zhao, who founded Binance.

The crypto industry spent about $176 million on Tuesday's elections, most of it through the campaign fund Fairshake. Democrats won the House and the Senate anyway.

The Clarity Act, the bill that would set rules for crypto markets, dies unless Congress passes it by January 3. Traders on Polymarket, a betting market, put the chance of the Clarity Act becoming law this year at 3%.

If you hold World Liberty's WLFI token or its USD1 stablecoin, the company behind them may spend next year answering to Congress.

Hyperliquid Strategies is a Nasdaq-listed company that exists to hold HYPE, the Hyperliquid exchange's token. On Thursday it said a subsidiary has applied to register as a futures commission merchant, the kind of firm that can take futures orders from US customers.

Hyperliquid is based outside the US and offers perpetual futures, which are bets on a price that never expire. If regulators approve, Hyperliquid Strategies plans to offer them to Americans.

It also reported a profit of $620.6 million for July to September, on revenue of $13.3 million. The profit comes from $803 million of gains on HYPE it hasn't sold. It raised $911 million from shareholders and spent $785 million of it on more HYPE.

If you're in the US, this is the second attempt in a week to bring Hyperliquid's markets to you legally. The owner of the New York Stock Exchange is behind the other.