Historical coverage: Decrypt’s Morning Minute, published November 6, 2026, at 21:29:20 UTC+8. The newsletter was written by Tyler Warner, whose analysis and opinions do not necessarily reflect Decrypt’s views.
An election narrative reverses
Bitcoin’s post-election recovery unraveled alongside a sharp selloff in AI-linked stocks, as investors reassessed what a Democratic Congress could mean for the infrastructure buildout behind artificial intelligence.
According to Decrypt’s account, Wednesday’s rally had pushed Bitcoin above $80,800 and delivered stocks their best day in three months. By Thursday, Bitcoin had fallen 5.4% to $75,871—below its pre-election level.
The reversal was broader than crypto. The S&P 500 dropped 4.36%, its worst session since the April 2025 “Liberation Day” tariffs. The Nasdaq lost 5.52%, closing more than 10% below its record from the previous month, while the Dow shed 1,833 points. U.S. equities lost approximately $3 trillion in market value by the close.
Semiconductors bore particularly heavy losses. The iShares Semiconductor ETF fell more than 12%, its worst day since March 2020. Micron declined 17.5%, AMD 17.3%, Marvell 16.4% and Nvidia 9.3%.
The AI concern was infrastructure, not token adoption
The newsletter attributed the shift in sentiment to concerns about slower data-center permitting and tighter oversight. Several states where Democrats won had active local opposition to data-center construction.
“We suspect there is going to be some scrutiny on this aggressive AI buildout,” Swissquote’s Ipek Ozkardeskaya said.
That was an explanation of investor expectations, not evidence that new restrictions had already taken effect. Nor did the report establish a separate change in adoption or demand for AI-related crypto tokens. The documented crypto move was a broad selloff alongside equities.
Ethereum fell 7.6% to $2,239, XRP lost 9.8% and Hyperliquid declined 4.9%. The CMC20 index dropped 6.29%. Roughly $1.1 billion in crypto long positions were liquidated before a slight overnight relief rally. Bitcoin ETFs recorded $430 million in net outflows on Thursday, while Ethereum ETFs saw $100 million leave.
Privacy coins showed relative resilience
Zcash and Monero fell less than the wider market, declining 0.8% and 2.2%, respectively, while remaining higher for the week.
The newsletter reported one-year gains of 146% for Zcash and 74% for Monero, compared with declines of 26% for Bitcoin and 34% for Ethereum. Warner interpreted that divergence as strength in the privacy trade. Those price comparisons, however, were not measurements of privacy-network usage.
A separate Zcash development carried a concrete technical consequence: the newsletter said the NU7 upgrade would permanently freeze about 12,224 ZEC, valued at roughly $15.6 million, by invalidating the only transaction format capable of moving coins out of Sprout, the network’s original 2016 privacy pool. The upgrade would also reduce the target block time from 75 seconds to 25 seconds.
Tokenized markets offered a different sector story
Separately, Solana Labs launched Leap, a mobile app for around-the-clock trading of tokenized stocks, ETFs, metals, currencies and crypto. It was built by Dialect, which Solana Labs acquired earlier in 2026.
The announcement described a proposed access point for tokenized markets; the supplied report included no user or trading-volume figures demonstrating adoption.
