10th November, 2026
By Anjali Kochhar
The cryptocurrency market opened the second week of November under fresh pressure, as Bitcoin fell as low as $73,708 on November 9, its lowest level in about two months, and leveraged traders lost more than $1 billion in forced liquidations.
Concerns over US crypto regulation, the Binance hack and institutional withdrawals continue to weigh on prices.
With a US inflation report and several crypto company earnings due this week, here are the major developments influencing the cryptocurrency sector.
1. Bitcoin Slides to a Two-Month Low
Bitcoin fell 2% over 24 hours to $74,201, and has lost 4.89% over seven days. The world’s largest cryptocurrency has now closed five losing weeks in a row.
The fall accelerated when leveraged traders lost their positions during Sunday’s volatility, with liquidations exceeding $1 billion. Total crypto market value stands at $2.47 trillion, down 6.08% in 24 hours, with Bitcoin’s share at 60.20%.
Analysts warn that if buyers fail to hold the $73,700 to $74,000 zone, a multi-month downtrend could take hold.
2. Bitcoin ETFs Lose $1.28 Billion in Their Worst Week Since June
US spot Bitcoin ETFs lost a net $1.28 billion in the week ended November 6, their worst week since late June, taking 2026 flows from about +$368 million to about -$914 million.
BlackRock’s iShares Bitcoin Trust accounted for $1.21 billion, or 94%, of the week’s outflows. November 4 brought the only inflow, $74.6 million, while November 5 and 6 recorded redemptions of $430.2 million and $411.9 million.
3. Ethereum Drops Below $2,100
Ethereum lost about 5% in a single day and briefly fell below $2,100. It later recovered to around $2,146, after a range of $2,108 to $2,243 the previous day.
US spot Ethereum ETFs recorded $365.2 million in withdrawals during November 2 to 6, their sixth straight week of outflows. Traders now see $2,200 as key resistance.
4. Democratic Sweep Puts the CLARITY Act in Doubt
Democrats won control of both chambers of Congress in the November 3 midterm elections, securing 54 Senate seats, a gain of seven.
The CLARITY Act had already failed in the Senate on September 15 by 49 votes to 50, and it expires on January 3 if the Senate does not act. The outgoing Republican-led Congress can still attempt to advance it during the lame-duck session.
Crypto political action groups spent roughly $170.5 million in the election, yet crypto-friendly Republicans Bryan Steil, Zach Nunn and Ann Wagner lost their House seats. Industry executives now expect closer scrutiny of crypto companies and President Trump’s crypto interests.
5. Binance Hackers Convert Part of the Stolen Funds
Chainalysis puts the October 29 theft at about $6.4 billion and attributes it to TraderTraitor, a North Korean cybercrime group.
Elliptic estimates that 1,650 BTC, worth about $124 million, has been converted from other stolen assets, while $3.11 billion remains in linked addresses. About $2.85 billion, or 44% of the total, has been frozen or seized.
Elliptic notes the hackers are moving funds more slowly than after the $1.5 billion Bybit hack in February 2025.
6. US Treasury Cuts MEXC Off From the US Financial System
The Treasury’s Financial Crimes Enforcement Network ordered MEXC Global cut off from the US financial system, alleging at least $16 billion in transactions linked to sanctions evasion and cybercrime. This includes nearly $1.5 billion tied to Russian sanctions evasion.
Treasury describes MEXC as one of the world’s 20 largest exchanges, with more than $1 billion in daily transactions and around $5 billion in reserves. The order takes effect 30 days after publication in the Federal Register.
7. Jobs Data and Inflation Report Raise Rate-Hike Fears
US nonfarm payrolls rose by 165,000 in October, keeping the risk of higher interest rates in focus. The strong data lifted December Fed rate-hike expectations to around 81%.
A hotter inflation reading this week would strengthen the case for higher rates, which make risk assets such as cryptocurrencies less attractive. Trump Media, BitGo and HIVE Digital report earnings on November 9, followed by CoreWeave on November 10.
8. Regulators Worldwide Tighten Oversight
The SEC has sent its proposed crypto broker-dealer rules to the White House for review, South Korea is expected to unveil its Digital Asset Basic Act this month with a licence regime for exchanges, and the EU has formed a crypto sanctions task force.
In South Korea, police have begun storing seized crypto with Upbit Custody after several cases in which Bitcoin held by authorities went missing.
Outlook: Bitcoin Tests a Critical Support Zone
The market enters the week with pressure from several directions at once: weak ETF demand, an unfavourable political outcome in Washington and rising rate-hike expectations.
The Binance theft is now less of a price driver, though the movement of stolen funds and the MEXC order keep security and compliance in the headlines.
Bitcoin’s ability to hold the $73,700 to $74,000 range will offer the clearest signal of sentiment in the days ahead.
For investors, the key developments to watch are the US inflation report, ETF flows, any lame-duck move on the CLARITY Act and further recovery of the stolen Binance assets.
