Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) face renewed selling pressure as crypto markets extend their October losses. Total crypto market cap is down by 2.17% to $2.61T on Friday, ahead of November’s U.S. midterm elections.
Following the latest Federal Reserve interest rate announcement, investor sentiment continues to decline. Bitcoin’s Fear and Greed Index has hit a new low of 38, indicating Fear among market participants.
The three biggest cryptocurrencies are also nearing key technical levels of support. Bitcoin price is making its way toward the $77,000 level, while ETH remains under $2,300. The price of XRP fell to USD 1.25, which led to further worries of dropping.
2026 U.S. Midterm Elections: November 3 Could Become a Major Crypto Catalyst
The U.S. midterm elections in 2026 will be held on Tuesday, Nov. 3. American voters will determine who is in control of both houses of Congress.
All 435 seats in the House of Representatives will be up for grabs. Meanwhile, 35 Senate seats will be up for grabs, including 33 regular elections and two special elections.
There are also a number of gubernatorial and state legislative offices that will be on the ballot. These elections may turn things upside down in Washington’s political priorities the remainder of the congressional session.
The fact that Congress is controlling it has significant consequences for cryptocurrency investors. Parliamentarians affect the laws on digital assets, the regulatory framework, and financial market policies.
In the event that cryptocurrencies are backed by Congress, the discussion on more transparent market regulations may be warmed up. This may stimulate institutional involvement and boost confidence throughout digital asset markets.
However, with political maneuvering, these types of bills could keep getting further delayed, and uncertainty around regulation will persist. Such moves could deter investment in an already tough market.
BTC, ETH, and XRP Price Prediction: Key Levels to Watch
Bitcoin is under immediate pressure at the support level of about 77,000. BTC might face more selling pressure as a result of a decisive breakdown. The recovery of more than $80,000 would increase its short-term prospects.
The MACD line is still below the signal line and zero level. This implies that the sellers have retained gains, which further worsens the risk of negative gains.
Ethereum is still fighting under the significant level of psychological barrier of $2,300. A sustained breakdown could expose ETH to further declines.
However, reclaiming $2,300 could encourage buyers to return. If the bullish trend resumes, the future ETH outlook could rally back to $2,500.
The selling pressure is increasing with XRP approaching $1.25. Failure may subject the cryptocurrency to further downside risks.
The Relative Strength Index (RSI) stands at 39, which implies neutral ground and might be appealing to short-term buyers.
Crypto Liquidations Reach $1.5 Billion Amid Market Selloff
The latest cryptocurrency selloff has reportedly wiped out approximately $1.5 billion in leveraged positions.
These closures, which are not voluntary, can drive down prices even further. Further selling may come in the wake of the $6.3 billion Binance hack when its major cryptocurrencies such as Bitcoin, Ethereum and XRP test their respective support levels.
Bitcoin ETFs Attract $17.07 Million While Ethereum ETFs Record $105 Million in Outflows
On October 29 (ET), spot bitcoin ETFs saw $17.0719 million in net inflows. This was the fourth consecutive day they were in positive inflows.
In comparison, spot ETFs saw a total of $105 million in net outflows. This represented their fourth consecutive day of withdrawals.
