Why Is Crypto Market Down Today? BTC, ETH, XRP on US Midterms
Red candles are back across every screen, and the same question is trending again. Why is crypto market down today? It isn’t one single event. It’s four stories landing on the same day, and together they explain today’s crypto market crash.
Key Takeaways
Bitcoin price today sits at $77,101.50, down 0.9%, while Ethereum price today sits at $2,266.53, down 0.7%. XRP price today bucked the trend, up 0.6% at $1.26.
Spot Bitcoin and Ethereum ETFs lost a combined $538.42 million in a single day, as per SoSoValue data.
Polls in the US midterm elections start closing from 6 p.m. ET on Tuesday, and full results could take days to arrive.
Why Is Crypto Market Down Today? Bitcoin and Altcoin Move
As per CoinGecko data, the entire crypto market is worth $2.65 trillion right now, down 1.1% in the last 24 hours. Total trading volume over the last day sits at $68.3 billion. Bitcoin holds 58.5% dominance, and Ethereum holds 10.5%.
Source: CoinGecko Data
Behind these numbers sit a cyberattack in Brazil, a suspected cover-up in Europe, a wave of exchange withdrawal updates, and billions pulled out of crypto ETFs, all while traders wait on the first results from the US midterm elections 2026.
As per CoinGecko data, here’s how the three largest tokens are trading right now.
Asset | Price | 24h Change | Cap | 24h Volume |
Bitcoin (BTC) | $77,101.50 | -0.9% | $1.55T | $27.445B |
Ethereum (ETH) | $2,266.53 | -0.7% | $276.951B | $9.162B |
XRP | $1.26 | +0.6% | $79.611B | $1.378B |
XRP price today is the outlier. While Bitcoin and Ethereum slid lower, XRP climbed 0.6%, breaking away from the wider sell-off. That kind of split rarely happens when almost everything else is bleeding red.
Which Coins Are the Top Crypto Losers Today?
Smaller tokens took a much harder hit. As per CoinGecko data, three names lead today’s top crypto losers today list:
Manadia (UMXM): $0.01184, down 38.0%, on $1,403,915 in volume.
Anonymous Cat (ZCAT): $0.02499, down 34.2%, on $3,635,566 in volume.
MEET48 IDOL: $0.0179, down 25.3%, on $39,475,421 in volume.
Thin liquidity means these smaller names fall harder and faster once sentiment turns, and today proved exactly that.
Billions Leave Bitcoin and Ethereum ETFs
As per SoSoValue data, spot Bitcoin ETFs saw a net outflow of $398.62 million on November 2. BlackRock pulled out $405.30 million on its own, while Fidelity went against the grain with $6.68 million in fresh inflows.
Source: SoSoValue Data
Ethereum ETFs weren’t spared. They logged a net outflow of $139.80 million, with BlackRock’s ETHA fund losing $138.31 million and ETHB shedding another $4.63 million. XRP ETFs recorded a smaller net outflow of $529.51K, led entirely by Canary Capital. Even after today’s exit, cumulative net inflow across these funds still holds at $1.81 billion.
Mercado Bitcoin Hack Rattles Trader Confidence
Brazil’s largest crypto exchange, Mercado Bitcoin, confirmed on November 2 that one of its systems suffered a cyberattack. The exchange said it contained the incident fast, no customer funds were lost, and no customer data leaked. Still, it paused deposits and withdrawals as a precaution.
Blockchain security firm Hypernative paints a bigger picture. Its early analysis found more than $40 million in suspicious transfers spread across at least 10 blockchains, including Bitcoin, Ethereum, Solana, and Tron. The exchange hasn’t confirmed these figures, and the attack method is still unknown but answering a major reason why is crypto market down today.
Is a European Institution Hiding a $133 Million Breach?
Blockchain investigator ZachXBT added another layer of unease today. He said he traced more than $27 million in fresh suspicious withdrawals from centralized exchanges, pushing the total linked to one suspected theft above $133 million.
ZachXBT believes a major financial institution in Western Europe may have been compromised and is sitting on the news instead of disclosing it. He argued that faster disclosure could have let EU authorities freeze more than $30 million before it was laundered. The institution’s identity and its real losses remain unconfirmed.
Binance Reopens Withdrawals Across Dozens of Assets
Binance moved the opposite way today, restoring withdrawals for a long list of coins on the Ethereum and Solana networks. That list includes ETH-based LINK, SHIB, WLD, PENDLE, QNT, and dozens more, plus SOL-based RAY, JUP, BONK, PYTH, and others. RLUSD, USD1, TUSD, and FDUSD were already active before today. Binance said it will keep restoring assets in phases as security checks wrap up.
That reopening after the Binance hack pushed fresh supply back into circulation right as sentiment turned weak, answering why is crypto market down today.
What Happens Next? Crypto Awaits US Midterm Election Results
The next big swing factor isn’t a hack, it’s Washington. The first polls in the US midterm elections 2026 close at 6 p.m. US East Coast time on Tuesday, November 3, with some opening as early as 5 a.m. ET. Full results could take days to land, so when will we know the US midterm election results? Not tonight, and maybe not this week.
Posts from Crypto Rover point out that Bitcoin has historically dropped after past midterm elections, and traders are watching closely to see if that pattern repeats. Four outcomes are now being priced in:
A Republican sweep could send prices rallying hard.
A Democratic sweep could pull prices lower.
A split Congress could help prices stabilize.
A close or disputed result could trigger heavy volatility either way.
Expert Opinion: Analysts tracking today’s session note the sell-off lines up with three pressure points hitting at once: ETF outflows, two unresolved security incidents, and political uncertainty around the US midterms. Caution looks more reasonable than conviction in either direction until the Mercado Bitcoin and European breach cases get fully explained. XRP’s standalone gain suggests capital hasn’t left crypto entirely, it has simply rotated while traders wait for clearer signals from Washington.
Conclusion
So, why is crypto market down today? ETF outflows, two unresolved hacks, and midterm election jitters landed together. Bitcoin and Ethereum slipped, XRP held firm, and smaller tokens like Manadia and ZCAT crashed hardest. Until election results and the hack investigations clear up, expect prices to stay choppy in both directions.
YMYL Disclaimer: This content is for informational purposes only and does not count as financial, investment, legal, or trading advice. Cryptocurrency prices are highly volatile and can swing sharply within minutes. Always do your own research and speak with a licensed financial advisor before making any investment decision. No outcome or return is guaranteed.
