Cryptocurrencies hit two-month lows amid concerns over US regulation

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Cryptocurrency prices fell sharply in late Sunday trading, with Bitcoin and Ether reaching their lowest levels in more than two months. Investors are concerned that a Congress controlled by the Democratic Party could take a tougher approach to regulating digital assets.

Bitcoin, the largest cryptocurrency by market capitalisation, fell more than 2% to $73,708, its lowest level since August. Ether dropped around 5% to $2,223, also its lowest price since August.

Crypto markets have faced pressure in recent sessions following a $6 billion hack at Binance, the world’s largest cryptocurrency exchange, and the election of prominent critics of the sector in last week’s US midterm elections.