The worst hit in crypto today wasn’t coins, but crypto stocks: Coinbase fell more than 10% at one point intraday and closed down 7.8%; Circle closed down 10%; Robinhood fell 10%; Strategy closed down 8.3%, its worst day in nine months; and Bitmine fell 12%. Miners fared even worse: MARA fell 15%, Cipher 14.4%, IREN 14.3%, TeraWulf 13.8%, and CleanSpark 13.3%. The trigger was expectations of tighter AI regulation after Democrats won both chambers, compounded by a plunge in chip stocks. The Nasdaq 100 fell 5% in a single day, BTC dropped below $76,000, and liquidations topped $1 billion in 24 hours. When coins fall, you can still hold on and wait; when stocks fall, real market value vanishes. Tomorrow morning’s 8:30 nonfarm payrolls report is the next test. #加密股 #USStocks