Cryptocurrencies experienced a significant drop in late Sunday trade, with bitcoin and ether hitting their lowest levels in over two months. Investors grew concerned that a Democratic Party-controlled US Congress could impose stricter regulations on the asset class.
Bitcoin, the oldest and largest cryptocurrency by market capitalization, fell by more than 2% to $73,708, marking its lowest price since August. Ether also saw a decline of about 5%, dropping to $2,223, a level not seen since August.
The recent turbulence in crypto markets has been exacerbated by a $6 billion heist at Binance, the world’s largest exchange, and the election of high-profile critics following last week’s US midterms.