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Cryptocurrencies fell sharply in Monday trading as bitcoin and ether touched their lowest levels in more than two months. The decline followed last week’s US midterms and came as investors worried about tighter regulation under a Democratic Party controlled Congress.

Bitcoin, the oldest and largest cryptocurrency by market capitalisation, fell 2% to $73,708. That was its lowest price since August and marked a sharp retreat for the leading digital asset.

Ether suffered an even steeper decline during the session. The cryptocurrency dropped about 5% to $2,223, which also represented its lowest level since August.

The simultaneous declines placed the two major cryptocurrencies at lows not seen for more than two months. Bitcoin’s 2% fall was smaller than ether’s roughly 5% slide, but both moved sharply lower during Monday trading.

Political concerns were central to the pressure described in the market. Investors feared that a US Congress controlled by the Democratic Party would tighten regulation across the cryptocurrency asset class.

Those fears emerged after the US midterm elections held last week. The election of prominent critics to office added to the unease already running through cryptocurrency markets.

The market’s political concerns arrived during an already difficult stretch for digital assets. Crypto markets had been shaken in recent sessions by a $6 billion heist at Binance, according to the report.

Binance was identified as the world’s biggest cryptocurrency exchange. The size of the heist and the exchange’s position made the event another major source of turmoil for a market already facing regulatory anxiety.

The report linked recent market strain to both the Binance heist and the election of prominent critics. Against that unsettled backdrop, bitcoin and ether each fell to prices last recorded in August.

Bitcoin remained the biggest cryptocurrency by market capitalisation despite Monday’s decline. Its status as the oldest and largest digital currency made its fall to $73,708 a central measure of the wider market slide.

Ether’s move to $2,223 showed that the weakness was not confined to bitcoin. Its decline of about 5% was more severe than bitcoin’s 2% drop during the reported session.

The losses reflected a market dealing with pressure from separate fronts. Recent sessions had brought the $6 billion Binance heist, while the US midterms intensified investor concern about the prospect of stricter congressional regulation.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.