Bitcoin drops below $77,000 to a six-week low ahead of US midterm elections; altcoins ZEC and NEAR fall 8.6% and 7.3% respectively, with overall market cap down $30B.
Macro & Markets ·
Bitcoin retreated below $77,000, reaching a six-week low of $76,100 as momentum from a prior recovery stalled. The pullback coincided with the US midterm elections. Most altcoins declined alongside Bitcoin, with ZEC and NEAR falling 8.6% and 7.3% respectively, though a small number of tokens resisted the broader weakness.
The overall cryptocurrency market shed $30 billion, bringing total market capitalization to $2.580 trillion. Bitcoin's share of that total slipped to just under 60%, indicating outflows spread across both the leading asset and the broader altcoin ecosystem.
The extent to which political events influenced the decline remains unclear, as does whether the losses represent a sustained trend or a temporary correction within a longer uptrend.