The price was quoted at 11:36 Brasília time. By our market data, bitcoin stood at $77,558 as of 15:10 GMT, down 3.21% from the previous close.
The move came as oil prices fell 8% following the US midterm election results. Crypto prices had given back part of the previous day’s gains, which had been driven by the same result, which pushed oil lower and lifted appetite for risk.
Flows and derivatives
Spot bitcoin ETFs in the US recorded net inflows of US$74.6 million, ending three sessions of outflows. Fidelity’s FBTC, however, saw net outflows of US$236.7 million, the largest of any fund. US ether ETFs took in US$53 million over the same period.
Noah Cheung, country manager at Bitget Brazil, said crypto futures trading volume rose 15% to US$244 billion, while open interest rose only 1% to US$139.9 billion. He said much of the rise was driven by forced closing of short positions rather than significant new long positions.
Political backdrop
The US government cited the Iran war among the reasons for the election defeat. The conflict’s unpopularity makes it more likely that Trump will be pressed to accept a deal to end the war, which would reduce fuel prices and inflation pressure.
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The Fear and Greed index stood at 42 on a scale of 0 to 100, up from 40.
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Data: CoinGecko
