Bitcoin Falls Below $76,000 as Philadelphia Semiconductor Index Sinks 12.25%

Bitcoin (BTC) fell below $76,000 Thursday as the Philadelphia Semiconductor Index sank 12.25%, amid concern that Democrats' capture of both chambers of Congress could bring tighter rules for artificial intelligence and data-center construction.

As of 6:34 p.m. ET Nov. 5 (23:34 UTC), Bitcoin was $75,862.

The Nasdaq Composite lost 5.52% and entered correction territory, while the S&P 500 fell 4.36% to 7,353.73. The Dow Jones Industrial Average dropped 1,833 points, closing at 51,523.06.

Taiwan's index futures fell 7.03% in overnight trading, while Taiwan Semiconductor Manufacturing Co.'s U.S.-listed shares sank 10.76%. Taiwan's benchmark index was nearing a test of its annual moving-average level at 38,784.53 points.

Of 41 local ballot measures in 10 states proposing restrictions on data-center construction, voters approved all but one; the exception was in Harwood, North Dakota. Attention now turns to the U.S. October employment report due Friday.