WiremarketsBrief
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.
Brief
CryptoPotato's weekly recap describes a rough stretch for crypto after the US midterm elections. It says Binance reported losses of around $6.3 billion from a hack last Friday, and the exchange promised to cover all user losses. Bitcoin dipped toward $76,000 at the time. After the Democratic sweep, bitcoin dropped to about $75,600, then slid again on Thursday to roughly $75,000. Strategy also resumed bitcoin buying, and Mercado Bitcoin reported a $38 million breach while promising users would be made whole. More than 60 public companies, including Apple and Boeing, objected to OKX and ICE plans to tokenize their shares. One analyst suggested the CLARITY Act could face a delay of at least two years.
Why it matters: The recap links the Binance hack and the election outcome to broad crypto market swings, and highlights pending US legislation that analysts say could be delayed.
Read the full story
Dextape context
Built from Dextape’s own wire, stories and glossary.
Terms in this story
- Market cap
- Price multiplied by circulating supply, from the market-data provider.
Mentioned in this story
Open a coin page for its current price.