Bitcoin’s price wobbled Monday as the cryptocurrency struggled to reverse late Sunday losses that dragged it below $74,000 for the first time in weeks. The slide mirrored broader market weakness, continuing a pattern that emerged following last week’s U.S. midterm elections, which left the Trump administration facing a daunting task in advancing its crypto agenda.

Market data shows that shortly after a sudden collapse to $73,500 on Sunday, bitcoin recovered to trade above $75,400 within four hours. However, the recovery proved fleeting as prices resumed their descent, plunging below $73,650 by 4:05 a.m. EST.

The cryptocurrency mounted a slow recovery, peaking just below the $75,500 mark. By 12:45 p.m. EST, bitcoin hovered near $74,500—down 1.5% over 24 hours and extending its losses for November.

The 24-hour volatility proved particularly costly for bullish traders. According to Coinglass data, more than $324 million in leveraged bitcoin positions were liquidated, with wiped-out long bets alone topping $281 million. Ethereum (ETH) suffered the largest single-asset liquidations, with more than $507 million wiped out during the same period.

Overall, liquidations across the cryptocurrency market reached $1.2 billion, with long positions accounting for $1.04 billion.

Bitcoin’s decline came even as corporate treasury giant Strategy reported purchasing 1,036 bitcoin over the past week, bringing its total holdings to 850,364 BTC—valued above $63 billion. The effect of the purchases, which historically drove prices higher, was seemingly offset by controversy surrounding Nvidia CEO Jensen Huang. As reported by Bitcoin.com News, Huang admitted to an extramarital affair with a woman suspected of being a Chinese spy, rocking the world’s most valuable company. Paired with a deadlock in U.S.-Iran talks, it appeared to contribute to Sunday’s plunge.

Bitcoin has been sliding since Oct. 22, when it last traded above $84,000. Its drop on Nov. 9 brought its cumulative losses since late October to nearly $10,000. The latest drop leaves bitcoin approximately 40% below its all-time high of more than $126,080 set in Oct. 2025.

Looking ahead, analysts warn that Democratic control of Congress could pivot Washington’s crypto policy from promoting innovation and regulatory clarity toward stricter consumer protection and enforcement. That shift likely signals prolonged policy uncertainty or revamped legislation imposing tighter compliance on exchanges, stablecoin issuers, and decentralized finance (DeFi) platforms.

The heightened uncertainty is expected to cap bitcoin’s near-term upside, dampening confidence that it will reach even modest year-end price targets.

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