TradingKey – U.S. midterm elections underway, crypto market drops 2%, BTC falls below $77,000.

On November 3, as voting officially began in the U.S. midterm elections, the total cryptocurrency market capitalization fell 2.54% in a single day to $2.57 trillion, hitting a near two-month low. Meanwhile, Bitcoin (BTC) broke below the round-number support level of $77,000, dipping near $76,500 intraday to officially retest and challenge its September low.

Bitcoin price chart, Source: TradingView

As the midterm elections progress, with Amazon (AMZN) and Alphabet (GOOG) seeing heavy CapEx strain free cash flow, global capital risk appetite has been significantly dampened. As high-beta assets most sensitive to global liquidity, cryptocurrencies…