Investing.com-- Bitcoin fell to an over one-month low on Tuesday, extending recent declines as uncertainty over the U.S. regulatory outlook after the midterm elections saw traders steer clear of cryptocurrencies.
Broader crypto prices also fell, as markets were still left reeling by an over $6 billion theft of Binance's crypto holdings late last week. Binance resumed withdrawals at a staggered pace this week, and said it will cover all customer losses.
Bitcoin fell 2% to $76,565.9 by 01:25 ET (06:25 GMT). The world's largest crypto was at its lowest level since early-September, and was nursing an over 6% loss in October.
Bitcoin was also pressured by a sharp outflow from spot exchange-traded funds on Monday, as institutional investors reacted to the Binance hack.
A broader rout in technology stocks also pressured crypto, as risk appetite soured in the face of increasing anxiety over stretched spending on artificial intelligence.
Midterm elections in focus for regulatory cues
Crypto markets were largely on edge before the U.S. midterm elections, with physical voting set to begin later on Tuesday.
The elections are largely expected to set the regulatory agenda for the remainder of President Donald Trump's term. The 46th U.S. president and the Republican party are grappling with record-low approvals amid increasing dissatisfaction over high energy prices, corruption, and a prolonged war with Iran.
A Democrat sweep of Congress– where the Republicans hold a dual majority– effectively nixes the prospect of any more pro-crypto legislation over the next two years.
While Trump and the Republicans had attempted to advance pro-crypto legislation over the past two years, a key act– Clarity– largely failed to clear Congress earlier this year.
A Republican loss in the midterms limits the prospect of any more pro-crypto regulation largely to the executive level– which is subject to changing rapidly between administrations.
Crypto was sold off en-mass on this notion, and struggled to recover this week. A historic trend of crypto price strength in October also failed to materialize for a second straight year.
Crypto price today: altcoins dither tracking Bitcoin
Losses in Bitcoin spilled over into broader crypto prices, with most altcoins also nursing steep losses over the past month.
World no.2 crypto Ether fell 1.4% to $2,253, while XRP was flat.
Solana fell 2.7%, Cardano fell 1.5%, while BNB fell 1.7%.
Memecoins Dogecoin and $TRUMP fell 2% and 5.5%, respectively.
Original Article
Bitcoin slips to over 1-mth low of $76.5k as U.S. midterm caution weighs
Bitcoin slips after steep October losses, as Binance hack keeps lid on sentiment
Bitcoin faces further downside risks as fear surges, Binance hack rattles markets
