Bitcoin Sinks to 11-Week Low After Democratic Sweep and Wall Street Crash: Weekly Crypto Recap

Bitcoin fell to $74,800 on Friday after a US jobs report exceeded expectations, its lowest level since a mid-August breakout rally began, leaving it about 3% lower for the week. The drop followed volatility around Tuesday’s US midterms, when news that Democrats would win in every part that matters sent bitcoin and Wall Street futures lower; bitcoin had fallen to $75,600 before rebounding above $81,000 on Wednesday and then sliding again. The prior Friday, reports said Binance suffered losses of about $6.3 billion in a hack, after which bitcoin dropped to $76,000 and the exchange promised to cover user losses.