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Bitcoin erased gains Monday ahead of the U.S. midterm elections and the expected release of inflation data.<\/span><\/p>\n The largest cryptocurrency by market cap was trading for $20,710, down 2.4% in 24 hours, CoinGecko data showed at the time of writing. <\/span><\/p>\n It is now only up minimally in the past seven days by 0.5%, losing the gains it made at the weekend when it broke above the $21,000 mark\u2014at one point hitting $21,414\u2014<\/span>jumping<\/span><\/a> after news of job growth in the U.S.<\/span><\/p>\n Ethereum, the second biggest digital asset, is down too: the cryptocurrency has shed 1.3% of its value in 24 hours, and is currently priced at $1,589.<\/span><\/p>\n And Dogecoin, the eighth biggest cryptocurrency by market cap, is also struggling. The original \u201cmeme coin\u201d and personal favorite of Elon Musk has experienced a 4.7% 24-hour drop\u2014priced at $0.11. <\/span><\/p>\n The coin came into November rallying after Elon Musk announced his Twitter acquisition. The cryptocurrency\u2014which was originally created as a joke\u2014at one point <\/span>was up 94%<\/span><\/a> in a week, making it the best performing digital asset.\u00a0<\/span><\/p>\n U.S. voters tomorrow head to the polls to choose who will make up next year\u2019s Congress. The elections are <\/span>expected to be important<\/span><\/a> for the crypto world as lawmakers are expected to decide how to regulate the digital asset sphere in the next few years.<\/span><\/p>\n And on Thursday, the U.S. Bureau of Labor Statistics consumer price index (CPI) will be released, which shows how high inflation in the American economy is by tracking prices in goods such as gasoline and apparel.\u00a0<\/span><\/p>\n High inflation numbers could mean Bitcoin continues to tumble as investors go to \u201csafe-havens\u201d like the U.S. dollar\u2014which has soared this year\u2014and avoid riskier assets.<\/span><\/p>\n