Bitcoin falls below $76,000 as post-election rally fades

Bitcoin falls below $76,000 as post-election rally fades*.* Bitcoin is back below $76,000 after a short-lived rally above $80,000 following the US midterm elections. Wednesday’s rebound came as oil fell more than 8% on expectations that Democrats’ “blue wave” midterm election victory would add pressure to end the Middle East conflict, easing inflation fears.

The rally lacked fresh demand. About 65% of Wednesday’s $715 million in liquidations were short positions, meaning much of the move came from bearish traders being forced to buy back rather than from new buyers.

It unwound on Thursday as tech stocks sold off. The Nasdaq was down 4.7% by the afternoon after Qualcomm fell more than 10% on disappointing smartphone-related results, and on renewed doubts over how AI data centres will be financed. More than $1.26 billion of crypto positions were liquidated over 24 hours, 88.89% of them longs, a sign that traders had piled back into bullish bets. Gold rose 0.9% to around $4,095 an ounce, while Bitcoin moved with tech stocks rather than as a haven.

The election also clouds the outlook for US crypto legislation. BTSE’s Jeff Mei said the CLARITY Act, the industry’s market structure bill blocked in the Senate in September, is “unlikely to pass” in its current form.

The Fed held rates at 3.75% to 4.00% on 28 October, and CME FedWatch puts the probability of a 25 basis point rise in December at 66.7%. Higher interest rates can weigh on Bitcoin by making interest-bearing assets such as bonds more attractive.

Spot Bitcoin ETFs lose $643 million as weekly inflows turn negative. US Spot Bitcoin exchange-traded funds (ETFs) recorded $643 million in net outflows on Friday, 30 October, reversing four consecutive sessions of inflows and turning the week’s overall balance negative. The funds had attracted $440.8 million between Monday and Thursday, but Friday’s withdrawals left them with $202.4 million in net outflows for the week, according to Farside Investors. Five of the 12 funds reported withdrawals on Friday, while the remaining seven recorded no net flows. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) were the largest contributors to the daily outflows. The reversal came amid heightened uncertainty following the $6.3 billion security breach at Binance, which triggered withdrawals across crypto markets.

North Korea denies involvement in $6.3 billion Binance hack. North Korea has rejected US allegations that it was behind the $6.3 billion cryptocurrency theft from Binance, calling the accusations “absurd rhetoric”, according to a Reuters report on 3 November. The denial came as the exchange continued restoring withdrawals and trying to reassure customers after what could be the largest crypto heist on record. The exchange has also launched a campaign to attract new users and limit further outflows. The FBI attributed the attack to North Korea over the weekend. Kim Yo Jong, sister of North Korean leader Kim Jong Un, said the allegations reflected Washington’s continued hostility towards Pyongyang and warned that the country had “issues to reconsider” regarding relations with the US.

FATF launches review of crypto hubs’ anti-money laundering controls. The Financial Action Task Force (FATF) is reviewing jurisdictions with significant cryptocurrency activity to identify gaps in the implementation of global anti-money laundering standards. Announced last Friday, the review will focus on countries with “materially important” virtual asset service provider (VASP) activity, taking their existing assessment status into account. A FATF spokesperson said the process would draw on a July 2026 report identifying jurisdictions that account for about 97% of the global virtual asset market, including the US, UK, Singapore and the United Arab Emirates. The FATF has not confirmed which jurisdictions will be selected. Initial findings are due in June 2027, with further results expected in October.

South Korea seeks another postponement of cryptocurrency gains tax. South Korea’s ruling Democratic Party has formally called for a further delay to the tax on cryptocurrency gains, currently scheduled to begin on 1 January 2027, as reported by local news on Wednesday. Party leader Kim Min-seok said the government should first pass the Digital Asset Basic Act, which would establish a legal framework for the crypto sector. He added that investors and businesses needed time to adjust to the new rules.

Best performing crypto in the top 10 over the last week: USDT (+0.03%)

Best performing crypto in the top 100 over the last week: Pieverse (+42.48%)

As of November 6, 2026, 08:20 CET

The market's volume has reached $105.928 billion over the past 24 hours.

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