Bitcoin Plummets: Socialist Mayor & AI Fears Send Markets Into Chaos!

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The cryptocurrency, in a fit of existential despair, plunged below $100K, triggering $470 million in liquidations, as long investors, like brave knights, were roasted by the flames of loss. 💸🔥

Markets in Turmoil: AI Fears and a Socialist NYC Sink 🗽 Bitcoin and Stocks

“A dip below 100k seems inevitable,” said Standard Chartered Bank’s Geoffrey Kendrick, who must have felt like a prophet in a world of fools. “It may be the last time Bitcoin is EVER below 100k.” Kendrick, a man of profound wisdom, was proven right on Tuesday, as bitcoin fell 6% to $99.9K before recovering, like a drunkard regaining balance. 🤕

Bearish sentiment, fueled by the specter of an AI bubble, caused stocks to slip. At the time of reporting, the S&P 500, Nasdaq, and Dow had all shed 0.91%, 1.49%, and 0.43% respectively. AI firm Palantir (Nasdaq: PLTR), led the decline, tumbling 7% despite beating Q3 revenue expectations. The culprit? A PE ratio so high, it could buy a small country. 🏛️ Compare that to chipmaker Nvidia’s PE ratio of 53.81 and it becomes clear why the market calls Palantir “overvalued.” Traders like Michael Burry are even shorting both, as if they’re playing a game of chess with a toddler. 🎲

“He’s actually putting a short on AI. … It was us and Nvidia,” said Palantir CEO Alex Karp, criticizing Burry during a CNBC interview. “The idea that chips and ontology is what you want to short is batsh*t crazy.” 🤯

(Socialist sensation Zohran Mamdani will likely be elected New York City’s mayor tonight. He represents an X factor that may partially explain Tuesday’s market turmoil. 🧑‍🌾)

But there’s another less talked about catalyst that could be weighing down markets: New York City mayoral candidate Zohran Mamdani. The 34-year-old self-styled “Democratic socialist” will likely win the mayoral election this evening. The question becomes, how will markets fare when a socialist mayor is elected to run the financial capital of the world? For most economists, the answer will probably be a downbeat one, and perhaps that general risk-off sentiment is adding to bitcoin’s woes, at least in the short term. If the longer view is taken into account however, betting against bitcoin or AI is probably not the wisest strategy. 🤷‍♂️

Overview of Market Metrics

Bitcoin was priced at $101,138.07 at the time of reporting, after declining 5.47% over the past 24 hours, according to Coinmarketcap. The digital asset has tumbled nearly 12% since last week, fluctuating between $99,990.79 and $107,363.16 since Monday afternoon. 📉

Twenty-four-hour trading volume climbed 40.24% to $93.36 billion, but market capitalization fell to $2.02 trillion. Bitcoin dominance remained largely unchanged over 24 hours at roughly 60.70%. 📊

Total value of bitcoin futures open interest slid 3.59% to $67.37 billion, according to Coinglass data. Liquidations naturally took center stage, surging to a grand total of $468.77 million in a matter of hours, as the dip below $100K triggered $438 million in losses for long investors. Short sellers were mostly spared, save for a few overzealous traders who lost $30.77 million in margin. 🤯

FAQ ⚡

  • Why did Bitcoin fall today?
    Because the market was too busy laughing at the absurdity of it all! 🤭
  • How low did Bitcoin go?
    The cryptocurrency briefly touched $99.9K before rebounding, like a yo-yo with a death wish. 🕳️
  • Which stocks led the sell-off?
    AI firm Palantir plunged 7% despite strong earnings, dragging the Nasdaq lower alongside Nvidia and other tech names. 🚀
  • Who is Zohran Mamdani and why does he matter?
    A socialist with a beard so full it could shelter a village, fueling investor concern that policy shifts could dampen Wall Street sentiment. 🧑‍🌾

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2025-11-05 00:34