Bitcoin’s gradual recovery following the Binance hack came to an end over the past 12-18 hours or so, with the asset dropping below $77,000 once again ahead of the US midterm elections.
Most altcoins have followed suit, with substantial losses seen in ZEC, NEAR, ENA, and several others.
BTC Slips Below $77K
The promise of an ‘Uptober’ failed dramatically after the rejection at $85,000 on October 21 and the subsequent correction toward $80,000. Although BTC had dipped below that level on several occasions, it still managed to remain above it after the US Federal Reserve held rates unchanged last Wednesday.
However, the devastating Binance hack that unfolded on Friday put the final nail in the Uptober coffin, with BTC nosediving by several grand to a six-week low of $76,100. The asset tried to rebound almost immediately, and there were some positives over the weekend. It rebounded further to $79,000 on Monday morning, but it was rejected there and couldn’t go through that level.
It has been mostly downhill since then. The asset plunged to $76,400 once again earlier this morning alongside most of Wall Street, and more volatility is expected later today as the US midterm elections progress. History shows that BTC tends to correct hard after these elections.
For now, bitcoin’s market cap has declined to $1.540 trillion on CMC, while its dominance over the alts has slipped to just under 60%.
ZEC, NEAR Drop
ETH was rejected at $2,300 yesterday and has slipped to $2,260. BNB is once again below the $700 level, while XRP has defended the $1.25 support. TRX and XMR are slightly in the green, while HYPE, SOL, DOGE, LINK, and ADA are in the red.
ZEC and NEAR lead in terms of daily losses today. The privacy token has tanked by 8.6% to under $1,150, while NEAR is down by 7.3% to $3.83. ENA follows suit with a 5.7% drop to $0.17, while RAIN is up by 5.6% to $0.065.
The cumulative market cap of all crypto assets is down by $30 billion again to $2.580 trillion on CMC.
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