Crypto Slide to Two-Month Low on November 8 Could Not Be Confirmed
Key Facts
It could not be verified that cryptocurrencies fell to a two-month low on November 8, and no reliable confirmation of prices or the timing of the move that day was available. A specific decline in the November 8 session therefore cannot be attributed to the U.S. midterm election results. On November 4, Reuters reported that cryptocurrencies briefly fell as Democrats won majorities in both the Senate and House of Representatives. The agency said the result could hinder the industry’s efforts to accelerate the easing of digital-asset rules. That move recorded on November 4 remains separate from the claim of a two-month low on November 8.
In detail, Bitcoin touched a six-week low on November 4 before recovering, then traded near $78,070 at 0715 GMT, Reuters reported. The agency described the cryptocurrency as having returned to near-stable trading at that time. This provides a dated snapshot of the election session and does not establish Bitcoin’s level on November 8. The low described here was over six weeks, not two months. In a broader comparison of the initial reaction, Bitcoin rose 3% to above $80,000 on November 4, while the S&P 500 gained 1.6% and the Dow Jones rose 3%, according to a Reuters report that day.
The initial gains did not last into the following day: Bitcoin fell 6% to $75,700 on November 5, while Ethereum dropped more than 7% to $2,247, according to data cited by The Block. The publication said the move reversed Wednesday’s gains, alongside a selloff in technology and artificial-intelligence stocks. These prices document a decline in the November 5 session and are not enough to establish that the market hit a two-month low on November 8. Reuters had said on November 4 that the market value of cryptocurrencies had shed about $300 billion in the month before its report. The agency linked this to growing concern about returns on artificial intelligence and rising borrowing costs, amid broader pressure on the market.
Politically, Reuters reported that a Democratic majority in both chambers of Congress could slow the industry’s efforts to accelerate the easing of digital-asset rules. The Associated Press reported that Senate Democrats blocked legislation in September aimed at providing greater regulatory certainty for the industry and dividing oversight among federal agencies. Against this backdrop, Reuters said the cryptocurrency sector spent more than $300 million to support pro-crypto candidates from both parties during the current and previous election cycles, with similar amounts for each party. The available information, however, does not link concerns about legislation or investigations to a documented market move on November 8. The election result therefore remains a possible political backdrop to the regulatory path, while the documented price figures relate to earlier sessions.
Pressure on Bitcoin extended back to before the vote: Reuters said it was down about 41% from its record peak above $122,000 in October 2025, according to its November 4, 2026 report. This puts post-election moves within a broader decline that preceded the vote. Reuters also reported that Binance customers made net withdrawals of $4.72 billion on Tuesday, after the platform reopened following the weekend hack. Tim Sun, a senior researcher at HashKey, said, "A series of security incidents is prompting investors to reassess the industry’s security infrastructure and asset custody risks." He added that potential U.S. political shifts "could disrupt progress on cryptocurrency regulation and the development of institutional frameworks." These factors were cited in the context of explaining pressure in the preceding days, not as confirmation of the cause of an alleged November 8 decline.