Bitcoin (BTC) has dropped to US$76,249 (AU$109,559), marking a 0.7% daily decline and a 5.8% weekly loss. The slide follows the recent Binance hack, where US$6.3 billion (AU$9 billion) was stolen, and users withdrew US$4.7 billion (AU$6.6 billion) after the exchange restarted. Additional pressure comes from the Middle East crisis, high energy prices, and uncertainty surrounding the US midterm elections and the Federal Reserve's December interest-rate decision.
The US midterms remain unresolved, with early reports suggesting Democrats may take the House while Senate control hangs in the balance. A Democratic victory could influence crypto regulation, as they would likely lead key oversight committees in either chamber.
US spot Bitcoin ETFs saw over US$1 billion (AU$1.4 billion) in combined net outflows across Friday and Monday. BlackRock’s IBIT experienced US$405.3 million (AU$582.3 million) in outflows on Monday, its largest daily withdrawal since June. Meanwhile, Fidelity’s FBTC attracted US$6.7 million (AU$9.6 million) in net inflows.