Ahead of the most important political event on American grounds, the cryptocurrency market is anxiously awaiting the definition of the next United States House of Representatives.
Bitcoin and Ethereum close the week down 2.7% and 3.8%, respectively, at US$ 20.704 e US$ 1.566, on the eve of midterm elections in the United States.
Investors are now waiting to see what will be the result of the midterms, and how the newly elected politicians view the need for regulations over cryptocurrencies.
Bitcoin & Ethereum Positions
The decline comes after a largely positive week in which the BTC reached US$ 21.400 and ETH reached US$ 1.650 following the release of job market data in the United States.
Next year will likely be a very important year in regard to the American governing debating and imposing cryptocurrency regulations. For this reason, the midterms will decide who will sit in Congress in 2023 in order to discuss these policies.
In case the politicians elected to share a more optimistic and supportive view on cryptocurrencies, Bitcoin’s price could return to steadily grow in the following days.
But aside from the elections, another pivotal moment can significantly impact the price of BTC this week.
Later this week on November 10, investors will also be watching for another consumer price index release in the United States this week. Estimations predict that the CPI release will be by 8 points or higher for the month of October.
Cryptocurrency Market Before The Election
The major cryptocurrencies were able to withstand the selling pressures ahead of the midterm elections. Bitcoin remains trading comfortably ahead of the $20,000 mark.
Dogecoin, however, has lost nearly 8% of its trading value after Elon Musk’s Twitter decided to stop the development of an integrated cryptocurrency waller.
The only exception in the top ten is Solana (SOL), which has suffered significant losses today after being caught in the middle of a crypto exchange dispute between FTX and Binance.
The case began last week when CoinDesk revealed that the balance sheets of FTX and Alameda Research, both owned by billionaire Sam Bankman-Fried, were entirely made up of the token FTT, which was issued by FTX itself.
