A decision regarding the composition of the parliament for next year will be made next week.
For some cryptocurrency enthusiasts, the stakes are high.
The debate over crypto regulation will continue potentially until 2023.
Polls predict that the House of Representatives may be in the hands of the Republican party, and also possibly the Senate.
A Republican-dominated Congress is also likely to impose restrictions on institutions like the SEC.
It may also be difficult to reach tentative agreements made so far on legislation if there is any volatility in the parliamentary process.
The volatility in the cryptocurrency market, interest rate hikes, and asset withdrawals may have contributed to the cryptocurrency market's decline in value.