Bitcoin Falls Below $77,000 as Investors Pull Back Ahead of Midterms
By Joseph WilkinsBitcoin fell below $77,000 on Tuesday as investor sentiment remained muted ahead of the U.S. midterm elections.The bellwether cryptocurrency fell 0.2% to $76,554, as sentiment stayed fragile in the aftermath of the $6.3 billion Binance hack late last week. Investor eyes now turn to the midterm elections, which will likely set the direction for cryptocurrencies this week, analysts said.Historically, Bitcoin sells off after midterms before rebounding, said Nic Puckrin, founder of crypto research platform Coin Bureau. But post-election bounces are usually driven by the removal of political uncertainty and traders remain worried about a possible re-escalation in the Middle East, he added.Bitcoin also remains under pressure from relatively weak spot demand and worries around U.S. tech stock valuations. Bitcoin ETFs, including the iShares Bitcoin Trust ETF, saw a net $643 million in daily outflows on Friday, following news of the multibillion-dollar hack."What happens next in equities is therefore likely to set bitcoin's range this week," analysts at crypto exchange Bitfinex said.Ether traded broadly flat at $2,250.39.Write to Joseph Wilkins at [email protected]