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Crypto
Source: Newsmaker.id
Bitcoin weakened again during Tuesday’s trading session (November 3), falling approximately 2% to US$76,565.90—its lowest level in over a month, dating back to early September. This decline extends the pressure on crypto assets, following a drop of more than 6% for Bitcoin throughout October.
The pressure on Bitcoin comes ahead of the U.S. midterm elections, with investors exercising caution while awaiting the future direction of crypto regulation. The election outcome is expected to influence the regulatory agenda for digital assets through the remainder of Donald Trump’s term; consequently, this uncertainty has prompted market participants to reduce their exposure to risky assets.
Negative sentiment also persists following a security incident at Binance, which resulted in losses of approximately US$6.3 billion. While Binance has begun a phased restoration of withdrawal services and pledged to cover all customer losses, the incident has nonetheless weighed on investor confidence in the crypto market.
Institutional capital flows have also drawn attention, following an outflow from spot Bitcoin ETFs on Monday. This suggests that some institutional investors are adopting a more defensive stance amid rising market volatility and uncertainty.
The pressure on Bitcoin has spilled over into other crypto assets. Ethereum fell 1.4% to US$2,253, while Solana weakened by 2.7%, Cardano dropped 1.5%, and BNB corrected by 1.7%. XRP remained relatively stable, whereas Dogecoin fell by about 2% and the TRUMP token slid 5.5%.
In terms of broader market sentiment, crypto assets are facing additional pressure from a sell-off in global technology stocks. Investor concerns regarding the scale of AI-related spending—and the potential returns on those investments—have fueled a wider downturn across risky assets, leaving Bitcoin unable to gain strong recovery momentum.
Newsmaker Analysis: Bitcoin is currently facing a confluence of pressures, including US regulatory uncertainty, ETF outflows, sentiment following the Binance incident, and a waning appetite for risk assets. The $76,000 level is a critical area to watch; a sustained decline below this mark could intensify selling pressure. Conversely, if Bitcoin can hold its ground and regain momentum above $78,000, the possibility of a rebound may emerge. Looking ahead, attention shifts to the outcome of the US elections and the subsequent direction of cryptocurrency regulation. (arl)
Source: Newsmaker.id