US Midterm Election Results Send Cryptocurrency Prices Tumbling - Mezha
Bitcoin and Ether fell sharply after the US midterm elections, reaching their lowest prices since August.
Bitcoin dropped more than 2% to $73,708, while Ether fell approximately 5% to $2,223. Both cryptocurrencies reached their lowest prices since August, Reuters reports.
Investors fear that the Democratic Party's stronger position in the US Congress could lead to tighter cryptocurrency market regulations. Additional pressure came from the theft of approximately $6 billion in assets from Binance, the world's largest cryptocurrency exchange.
Tech Stock Sell-Off
The cryptocurrency downturn comes amid a massive sell-off in technology stocks across the US and Asia. The US Nasdaq 100 index plunged 6.4% in a single day, wiping out a record $2.3 trillion in market value.
The S&P 500 fell 4.4%, while the semiconductor index dropped 12%. Among the biggest losers were Elon Musk's Tesla and SpaceX, whose combined valuation declined by approximately $456 billion over two days.
Asian Market Impact
The sell-off also spread to Asian markets, with the MSCI Asia Pacific index losing as much as 5.3%, while South Korea's Kospi plunged 8.8%, triggering a temporary trading halt.
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