Bitcoin Sinks to 11-Week Low After Democratic Sweep and Wall Street Crash: Weekly Crypto Recap

The total crypto market cap is down by roughly $200 billion in 10 days. All eyes in the past week were on the US midterms that took place on Tuesday, and financial markets have yet to settle following the major volatility experienced after their conclusion. But first, let’s review how we got there. Binance was hit with the largest hack in USD terms last Friday morning when reports emerged that the exchange suffered losses of around $6.3 billion. Bitcoin and (almost) all altcoins reacted with immediate leg downs, with the leading crypto asset plunging to $76,000. However, it recovered a few grand over the weekend, perhaps because of Binance’s promises to cover all user losses. The cryptocurrency used the previous weekend to regain some traction, and even challenged the $79,000 resistance on Monday. However, it was quickly rejected there before the actual storm arrived on Tuesday. The asset stood at $78,000 before the election results started to pop up, but once it became known that the Democrats would win in every part that matters, BTC, alongside Wall Street futures, tanked. Bitcoin plunged to $75,600 for the first time in seven weeks. However, once the election uncertainty disappe...