Bitcoin and ether sank to their lowest prices since August as investors confronted fears of tighter US regulation, the election of prominent critics, and continuing market strain following a $6 billion heist at Binance.
Democratic control of Congress threatens crypto’s preferred legislative agenda and could bring investigations into Trump’s digital asset dealings, even as existing stablecoin law and ongoing regulatory work preserve important industry gains.
Bitcoin sank 5% below $76,000 as a stock market retreat crushed post election momentum, erased $370 billion from global crypto value, and renewed concerns about leverage, the Binance hack, and Washington’s stalled Clarity Act.
Binance restored withdrawals and covered customer losses after hackers stole roughly $6.3 billion in digital assets. Founder Changpeng Zhao says operations are normal again, but warns that even the world’s largest cryptocurrency platform cannot offer 100% security.
Ilya Lichtenstein says the hackers behind Binance’s reported $6 billion theft face an urgent struggle to launder publicly traceable crypto, while accelerating AI tools could soon place advanced attack capabilities into many more hands.
Crypto organizations are pouring more than $200 million into the 2026 midterms, backing congressional candidates across both parties as the industry pushes for market structure legislation and prepares for a major test of its Washington influence.
Binance has reopened withdrawals across major networks after a record $6.3 billion theft, while pledging to restore 100% backing with company resources as the FBI attributes the attack to North Korea.
Bitcoin faces another losing October despite renewed ETF inflows and easing selling pressure. Galaxy Research says the bear market is over, but losing support around the 50 week moving average could put that bullish thesis in jeopardy.
Ripple’s Robinhood partnership will bring RLUSD into institutional settlement, treasury management, trading and financing as the digital dollar’s market capitalization surpasses $2.5 billion and stablecoins assume a larger role in global financial infrastructure.
Gold and silver lost an estimated $1 trillion on Thursday as inflation concerns returned, while Tom Lee argued the AI sell off is ending and a technology recovery could improve sentiment for Bitcoin and more speculative crypto projects.
Tokenized stock volume is surging overseas, but 16 companies have objected to the OKXICE model. The divide tests whether the crypto industry can persuade issuers that broader access, nonstop trading and expanded distribution outweigh the risks.
Bitcoin’s decline coincided with major U.S. government transfers to Coinbase Prime, but no sale has been confirmed. With leveraged longs heavily liquidated, the market’s next test is holding $82,500 and reclaiming the $85,000 to $86,000 zone.
Bitcoin’s fall below $83,000 triggered roughly $696 million in liquidations and dragged major cryptocurrency stocks lower, while rising Treasury yields and unusually weak trading volume added pressure across the digital asset market.
Bitcoin avoided the deeper stress seen in previous bear markets as NUPL stayed positive and price held above Realized Price. Glassnode’s framework now places critical support near $77,000 and the next major resistance test between $95,000 and $97,000.
Citi’s $113,000 Bitcoin forecast rests on $5 billion of expected crypto inflows, gradual institutional allocation growth, and supportive macro conditions after the asset gained nearly 40% in three months and approached $85,000.
Bitcoin held a narrow trading range despite rising odds of Democratic control in Congress, while the Federal Reserve’s rate increase and hawkish outlook appeared to exert greater influence over liquidity, sentiment, and the cryptocurrency’s immediate direction.