Crypto Market Update: Midterm Rally Fades After Tech Stocks Plummet

Bitcoin price update

Bitcoin (BTC) was priced at US$75,850, trading 0.55 percent lower over the past 24 hours.

The cryptocurrency gave back some gains that followed this week’s US midterm elections, dropping below US$76,000 overnight on Wednesday (November 4) as tech stocks had one of their worst days in years.

On Friday, crypto markets were flat, even as stocks recovered some of Thursday's (November 5) losses.

XS.com's Simon-Peter Massabni said fund managers have been selling crypto to cover losses on stocks.

He thinks money could flow back into Bitcoin and Ether once that forced selling ends, but warned that high energy costs could keep the US Federal Reserve from cutting interest rates.

For its part, 10x Research said that historically post-election selloffs have tended to mark the end of a selling wave rather than a lasting shift.

Ether and altcoin price update

• Ethereum (ETH) was priced at US$2,233.76, trading 0.95 percent lower over the last 24 hours.

• XRP (XRP) was priced at US$1.18, trading 4.55 percent lower over the past 24 hours.

• Solana (SOL) was trading at US$90.26, trading 0.27 percent higher over the past 24 hours.