Why is the crypto market down today? Bitcoin, Ethereum in red

The crypto market has suffered another round of losses on November 9, with Bitcoin falling below $75,000 and Ethereum trading near $2,100 as concerns over US crypto regulation, the Binance hack and institutional withdrawals continue to weigh on prices. Bitcoin traded at $74,584, down 1.4% over the past 24 hours, while Ethereum fell 4.4% to $2,137 and recorded a weekly loss of 7.4%. Democratic victories in the US midterm elections raised concerns over stricter cryptocurrency regulations and the future of industry backed legislation. The reported $6.34 billion Binance hack continued to weigh on market sentiment, with customers withdrawing billions of dollars after the exchange resumed services. US spot Bitcoin and Ethereum ETFs recorded combined net outflows of $530.1 million on November 5 as institutional demand weakened.

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