Bitcoin just printed its lowest level since August and the midterm results are getting the blame.
Reuters reports BTC dropped more than 2% late Sunday to 73,708 dollars, while ETH fell about 5% to 2,223 dollars, also a low not seen since August. The worry is simple: a Democrat controlled Congress is expected to take a tougher line on crypto regulation.
Macro is not helping either. US October payrolls came in at 165K against a 65K forecast and unemployment dipped to 4.1%. Businesskorea, citing CME FedWatch, says odds of a December hike jumped from 66.9% to 76.8% after the report. Spot BTC ETFs saw 411.9M dollars of net outflows on Nov 6, and the Fear and Greed Index sits at 28.
Binance data shows BTC bouncing back around 75.3K at the time of writing, but the 15 day low near 73.5K is now the level everyone is watching.
Is this a policy scare that fades in a few weeks, or the start of a longer reset for crypto?
$BTC #Bitcoin #CryptoNews #Midterms #Macro
Reuters reports BTC dropped more than 2% late Sunday to 73,708 dollars, while ETH fell about 5% to 2,223 dollars, also a low not seen since August. The worry is simple: a Democrat controlled Congress is expected to take a tougher line on crypto regulation.
Macro is not helping either. US October payrolls came in at 165K against a 65K forecast and unemployment dipped to 4.1%. Businesskorea, citing CME FedWatch, says odds of a December hike jumped from 66.9% to 76.8% after the report. Spot BTC ETFs saw 411.9M dollars of net outflows on Nov 6, and the Fear and Greed Index sits at 28.
Binance data shows BTC bouncing back around 75.3K at the time of writing, but the 15 day low near 73.5K is now the level everyone is watching.
Is this a policy scare that fades in a few weeks, or the start of a longer reset for crypto?
$BTC #Bitcoin #CryptoNews #Midterms #Macro
