Investing.com– Bitcoin fell on Monday, extending a steep downturn from last week as a souring regulatory outlook for U.S. markets, following a Democratic sweep of Congress, dampened appetite for cryptocurrencies.

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This saw spot exchange-traded funds suffer heavy outflows last week, pointing to a layer of institutional selling.

Bitcoin fell 1.9% to $74,392.2 by 01:19 ET (06:19 GMT). The world’s largest crypto fell 2% in the past week as initial cheer over the Democrat victory gave way to more questions over the regulatory outlook.

Bitcoin’s…