After the US midterm elections, cryptocurrencies fell sharply during late Sunday trading. Bitcoin and Ether dropped to their lowest levels in more than two months amid investor concerns that a Democratic-controlled US Congress could tighten regulation of this asset class. This was reported by Channel NewsAsia.
Bitcoin and Ether prices
Bitcoin, the oldest cryptocurrency and the largest by market capitalization, fell by more than 2% to $73,708. This is its lowest value since August. Ether lost about 5% and declined to $2,223, also reaching its lowest level since August.
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Pressure on the crypto market
According to the outlet, crypto markets were also shaken in recent trading sessions after $6 billion was stolen from Binance, the world’s largest cryptocurrency exchange. An additional cause for concern was the election of prominent cryptocurrency critics to office following last week’s US midterm elections.
