Bitcoin fell more than 1% to around $76,800 as traders grew more confident Democrats would retake the Senate. Ether and other major coins also moved lower, while S&P 500 futures slipped 0.5% and Nasdaq futures fell 0.9% as investors awaited US midterm results.
Why it matters
The declines put crypto and US equity futures on the same risk-off footing as traders react to the political outlook. The market moves show investors are positioning around the election outcome, though the seed provides no indication of how persistent that reaction will be.
Market impact
Bitcoin led the reported crypto declines, with Ether and other major coins close behind. Traders will be watching whether the futures weakness and crypto losses hold as midterm results come in.
Frequently asked questions
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How far did Bitcoin fall as midterm results approached?
Bitcoin fell more than 1% to around $76,800.
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What were US equity futures signaling ahead of the results?
S&P 500 futures slipped 0.5%, while Nasdaq futures fell 0.9%.
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Which political outcome were traders increasingly expecting?
Traders grew more confident that Democrats would retake the Senate.
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Did the decline affect only Bitcoin?
No. Ether and other major coins moved lower as well, while US equity futures also declined.
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What does the parallel weakness in crypto and equities indicate?
Both markets were on a risk-off footing as investors awaited US midterm results.
Benjamin Cowen
CoinDesk
Crypto News
TheBlock
Crypto Capital Venture
WatcherGuru