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Cryptocurrency markets extended losses on November 9, with Bitcoin and Ethereum falling to their lowest levels since August. Concerns surrounding the US midterm election results, regulatory uncertainty and institutional withdrawals triggered selling across digital assets.
Bitcoin declined more than 2% to USD 73,708, while Ethereum dropped approximately 5% to USD 2,223 during late Sunday trading.
The cryptocurrency selloff followed US midterm elections that strengthened Democratic control of Congress, raising concerns about potentially stricter digital asset regulations.
According to Reuters, investors worried that a Democratic-controlled Congress could introduce tougher oversight, potentially complicating cryptocurrency market structure legislation.
The reported USD 6 billion Binance security breach further weakened investor confidence, although its details require independent verification.
Political uncertainty added pressure to an already fragile market, encouraging traders to reduce exposure to speculative assets.
According to SoSoValue, US spot Bitcoin ETFs recorded approximately USD 1.28 billion in net outflows between November 2 and November 6. BlackRock's IBIT accounted for approximately USD 1.21 billion in withdrawals, including USD 403 million on Friday.
Total Friday outflows reached USD 411.9 million, despite Wednesday's temporary USD 74.6 million inflow. Persistent withdrawals suggest institutional demand remains weak, potentially limiting Bitcoin's recovery.
Leveraged cryptocurrency positions faced substantial losses as prices declined. According to CoinGlass, total liquidations reached USD 1.04 billion over 24 hours, affecting 155,678 traders.
Bitcoin liquidations totaled USD 279.50 million, including USD 256.18 million in long positions and USD 23.33 million in shorts.
The largest individual liquidation involved a Binance ETHUSDT position worth USD 48.16 million. Forced selling amplified volatility as exchanges closed positions lacking sufficient collateral.
Bitcoin faces immediate support near USD 73,692, followed by the psychologically important USD 70,000 level. On the upside, reclaiming USD 75,700 could improve sentiment, while resistance remains between USD 78,186 and USD 80,000.
Market direction will depend on institutional inflows, regulatory developments and upcoming US inflation data. Further weakness could extend losses unless sustained buying demand returns.
Also Read: Why Institutional Investors are Becoming More Important to Bitcoin Adoption