Crypto this week (2–8 Nov 2026): bitcoin slips after the US midterms as funds sell

Between 2 and 8 November 2026, crypto moved with the wider markets. Bitcoin rose after the US midterm elections on Tuesday, then fell back with technology shares on Thursday and ended the week lower. Investment funds sold, the supply of stablecoins shrank, and an order from a California regulator put crypto ATM scams in the spotlight. Here is what happened and what it means for you.

Key points: what happened in crypto this week?

• Bitcoin ended the week at $74,740 (€67,048), down 4.5% in dollars and 4.5% in euros, after a high of $80,669 on 4 November, according to CoinGecko.
• US spot bitcoin funds (ETFs) saw $1.28 billion of net withdrawals, the most in a week since late June.
• The total supply of stablecoins fell to $295.9 billion on 3 November, its lowest since September 2025, according to DefiLlama.
• Binance says it has replaced about 98% of the assets affected by the 29 October hack and kept reopening withdrawals.
• California ordered the crypto ATM operator CoinFlip to pay more than $4.8 million back to scam victims.

How did prices move this week?

Bitcoin opened the week at $78,294 (€70,177), where it had closed the week before. It climbed to $80,669 late on Wednesday 4 November (UTC), then fell, and its lowest point of the week was $73,982 late on Sunday 8 November, according to CoinGecko's hourly prices. It closed the week at $74,740, down 4.54% in dollars and 4.46% in euros. Ether fell further, from $2,274 to $2,124, down 6.58%.

Much of the fall came on Thursday 5 November, when bitcoin dropped 5.6% and the Nasdaq index of US technology shares fell 5.5%, The Block reported. Crypto has often moved with technology shares this year, so a bad day for one can mean a bad day for the other.

On Sunday bitcoin also closed below its 50-week moving average, an average of its price over the past 50 weeks, for the first time in eight weeks, The Block reported. Some traders watch that line, but it doesn't predict where prices go next.

Why did the US elections matter for crypto?

The US held midterm elections for Congress on Tuesday 3 November. Reported results gave the Democrats majorities in both the House and the Senate, according to The Block and CCN. Some analysts said this could slow down new US crypto laws, but that is a forecast, not a decision: no law changed this week.

A second US factor was interest rates. After a stronger jobs report on Friday, markets priced in a roughly 81% chance that the Federal Reserve raises its rate by a quarter point in December, CCN reported. Higher rates usually make riskier assets, crypto included, less attractive to some investors.

What happened with bitcoin funds?

An exchange-traded fund (ETF) is a fund traded on a stock exchange. US spot bitcoin ETFs hold bitcoin for their investors. From 2 to 6 November, they saw $1.28 billion more taken out than put in, the most in a week since late June, The Block and CCN reported. Wednesday was the only day with more money coming in, $74.6 million. About $430 million left on Thursday and $412 million on Friday. Funds that hold ether saw about $365 million of withdrawals, their sixth week of outflows in a row, according to CCN.

Fund flows show what larger investors did. They don't tell you what you should do, and they can turn quickly.

Why did the supply of stablecoins fall?

A stablecoin is a crypto token designed to keep a steady value, usually one US dollar. The total supply fell to $295.9 billion on 3 November, about $5.7 billion less than a week earlier and its lowest level since September 2025, according to DefiLlama data cited by CoinMarketCap. USDT, the largest stablecoin, accounted for more than half of the fall. Analysts read a falling supply as less new money waiting to be used in crypto. Our course on stablecoins explained covers how they work and what can go wrong.

What's the latest on the Binance hack?

Binance kept reopening withdrawals network by network and coin by coin after the 29 October hack. In its seventh recovery update, Binance said it had replaced about 98% of the affected assets with its own money, The Coin Republic reported. Replacing assets is not the same as getting the stolen coins back. The full incident report and the independent review that Binance promised had not been published by 8 November. We explained how the attack began, by Binance's own account, in our news section.

Why was a crypto ATM operator ordered to repay scam victims?

A crypto ATM, or kiosk, is a machine where you put in cash and get crypto sent to a wallet. On 4 November, California's financial regulator, the DFPI, ordered the operator CoinFlip to pay more than $4.8 million to scam victims and more than $350,000 over excessive fees, TokenPost and Coin Edition reported. The regulator found weak checks on customers and on suspicious payments since 2021, according to those reports.

Scammers often tell people to pay through a crypto ATM, because a payment sent that way can't be reversed. In 2025 the FBI's IC3 received more than 13,400 complaints involving crypto kiosks, with reported losses of about $389 million. More than half came from people over 50, the FBI said in May.

If anyone tells you to pay a bill, a fine or a "safe account" with a crypto ATM, stop. Real banks, tax offices and police don't ask for payment this way. Practise spotting the signs in spot the scam.

Anything new from EU regulators?

The EU's register of authorised crypto firms, run by the European Securities and Markets Authority (ESMA), was last updated on 5 November. It lists 394 authorised crypto-asset service providers, according to CASP Tracker, which follows the register. Under the EU's MiCA rules, only these firms may offer crypto services across the EU. You can check any firm yourself before using it.

What to watch next week

• US inflation: October's US consumer price figures are due on Tuesday 10 November.
• Binance: its full incident report, and the reopening of the remaining withdrawals.
• US politics: what the new Congress means for the crypto bills still waiting.

What you can do now

• Learn how stablecoins keep their value in stablecoins explained.
• Practise on real examples in spot the scam.
• See what MiCA authorisation means in crypto rules in the EU.

Questions readers ask

Why did bitcoin fall this week?

Several things came together: technology shares fell, bitcoin funds saw large withdrawals, and markets expected higher US interest rates. No single cause explains it.

Does a falling stablecoin supply mean stablecoins are unsafe?

No. It means fewer tokens are in circulation. Each stablecoin's own risks depend on its issuer and what backs it.

Is it ever normal to be asked to pay with a crypto ATM?

Be very careful. Scammers ask for crypto ATM payments because they can't be reversed. Check any such request through a second route first.

Crypto prices can rise and fall sharply, and you could lose some or all of the money you put in. Crypto is not covered by deposit protection. This article is for education, not financial advice.