Cryptocurrencies slide to two-month lows after US midterms
SYDNEY: Cryptocurrencies fell sharply in late Sunday trade , with bitcoin and ether touching their lowest levels for more than two months, as investors fretted a Democratic Party-controlled US Congress will toughen regulation on the asset class. Bitcoin , the oldest and largest cryptocurrency by market capitalisation, fell by more than 2% to $73,708, the lowest price since August. Ether fell…
Cryptocurrencies experienced a significant decline to their lowest levels in over two months following the US midterms, as investors became increasingly concerned about potential regulatory changes under a Democratic-controlled Congress. Bitcoin, the leading cryptocurrency by market capitalization, plummeted by more than 2% to $73,708, while its counterpart Ether dropped about 5% to $2,223, both marking their lowest prices since August.
The market turmoil was exacerbated by the $6 billion heist at Binance, the world's largest cryptocurrency exchange, and the election of high-profile critics to key political positions in the recent US midterms.
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