Cryptocurrency prices fell sharply in late Sunday trading, with Bitcoin and Ether dropping to their lowest levels since August as investors worried that a Democratic Party-controlled US Congress could take a tougher regulatory approach towards digital assets.
Bitcoin, the world’s largest cryptocurrency by market capitalisation, declined by more than 2% to $73,708, marking its lowest price since August. Ether, the second-largest cryptocurrency, dropped around 5% to $2,223, also reaching its weakest level since August.
Recent trading sessions have brought renewed volatility to cryptocurrency markets, following a reported $6 billion heist involving Binance, the world’s largest cryptocurrency exchange.
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The market has also faced uncertainty following last week’s US midterm elections, which brought several prominent critics of the cryptocurrency industry into office.
Investors are now weighing the possibility of tighter regulatory oversight in the United States alongside security concerns affecting major cryptocurrency platforms. These developments have added to pressure on digital assets, with Bitcoin and Ether recording notable declines.
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