Why Is Crypto Down? Altcoins Lose Up to 25% in a Month as Americans Vote, and One Trader’s Midterm Chart Points to Another Leg Lower

Why is crypto down? Because the Binance hack, two days of heavy ETF outflows and today’s US midterm elections hit an already weak market at once. An interesting chart is circulating on X: trader dealer.eth’s chart shows Bitcoin fell 15% to 51% after each of the last three midterms. Does history repeat itself? Bitcoin is the strong one, and it is still down. BTC trades at $77,088, 7.8% lower than on October 1. Most large altcoins have lost two or three times that. Solana is down 21.7% since the start of October, Dogecoin 21.3% and Cardano 23.3%. Ether and XRP are both off about 15%. The total crypto market is worth $2.58 trillion, with $67.9 billion traded in the past 24 hours. The Fear & Greed Index sits at 26. The election adds a new worry. dealer.eth’s numbers suggest the drop after a midterm can be deep, and fast. So what is pushing prices lower, and which coins are taking the worst of it? Altcoin profits came and went within a month. In late September, recent buyers were selling most tokens at a profit, the biggest spike since December 2024. A month later, most of them are back to selling at a loss, while bitcoin:native barely moved. pic.twitter.com/O5QYq6PkGI — glassnode (...