The sharp decline in technology stocks on U.S. stock exchanges had a negative impact on the cryptocurrency market.

The total value of the global cryptocurrency market fell by 4.22 percent over the past 24 hours, dropping to $2.56 trillion.

Bitcoin, the largest digital asset, fell below $76,000 in a single day. Bitcoin, which lost 4.6% of its value over the past 24 hours, is down more than 5% for the week. Ethereum, the second-largest cryptocurrency on the market, also fell 6.1% over the past 24 hours to $2,258.

This downturn in the cryptocurrency market coincides with a sharp sell-off in U.S. stock markets, particularly the Dow Jones (-3%), S&P 500 (-3%), and Nasdaq (-4%) indices. The Democrats’ victory in Congress in the midterm elections has heightened concerns about tighter regulation of artificial intelligence and data centers.

At the same time, this political shift has reduced the likelihood that the CLARITY Act, which is intended to establish a regulatory framework for the digital asset sector, will be passed by the end of the year, and has increased market uncertainty.