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Cryptocurrencies slide to two-month lows after US midterms
Bitcoin and ether fell to their lowest levels in more than two months in late Sunday trading, as investors worried that a Democratic-controlled US Congress could impose tougher rules on cryptocurrencies. The drop adds to recent pressure on crypto markets and reflects uncertainty over the sector’s regulatory outlook.
Bitcoin fell by more than 2 per cent to $73,708, its lowest price since August, while ether dropped about 5 per cent to $2,223, also its lowest since August. Markets had also been unsettled by a $6 billion heist at Binance and the election of prominent cryptocurrency critics in the previous week’s US midterm elections.
In short
- Bitcoin fell more than 2 per cent to $73,708.
- Ether dropped about 5 per cent to $2,223.
- Investors fear tighter US cryptocurrency regulation.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
A Democratic-controlled Congress could tighten oversight to address risks such as fraud, theft and inadequate consumer protections, helping build trust in cryptocurrency markets over time. Clearer rules may also give responsible firms more certainty about what is permitted.
The case against
Tougher rules could restrict innovation and make it harder for legitimate cryptocurrency businesses to operate or compete in the US. Investors may reasonably worry that uncertain or burdensome regulation could weaken the sector and push activity elsewhere.
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