Cryptocurrencies slide to two-month lows after US midterms

Bitcoin and ether hit their lowest levels in more than two months during late Sunday trading, Business Recorder reported, as both major cryptocurrencies declined. Bitcoin dropped by more than 2% to $73,708, its weakest price since August, while ether fell about 5% to $2,223, also its lowest since August. The declines followed concerns that a US Congress controlled by Democrats could pursue tighter oversight of cryptocurrencies.

Crypto markets have also faced pressure after a $6 billion theft at Binance, the world’s largest cryptocurrency exchange, and the election of prominent critics in last week’s US midterms. A related report said Binance customers had withdrawn a net $4.7 billion following the hack, as participants reassessed risks in the sector. The reported price changes and investor concerns frame this as a global cryptocurrency-market story, rather than news about a listed Pakistani company.