Bitcoin Rebounds as Traders Weigh Congress’s Crypto Policy Impact
Bitcoin recovered from an early decline as investors assessed how Democratic control of Congress could affect digital-asset rules.
Key takeaways
- Bitcoin traded at $80,364 at 18:00 UTC, up 3.64% over 24 hours.
- Investors are watching how Democratic control of Congress may affect crypto legislation and oversight.
Bitcoin recovered on Wednesday after falling in Asian trading as Democrats won control of both chambers of Congress, putting future U.S. crypto rules in focus. As of 18:00 UTC, bitcoin traded at $80,364, up 3.64% over the previous 24 hours.
Earlier, bitcoin briefly touched a six-week low before rising 0.7% to $78,354 at 0841 GMT, CNA reported. Ether was up 1.4% at $2,323 at that time, while U.S. index futures reversed an overnight drop.
Investors are concerned that Democratic control could slow industry-backed legislation and tighten oversight of digital-asset companies. Delta Exchange analyst Riya Sehgal said the election results had renewed focus on congressional control and crypto regulation.
The market also faces institutional outflows and concerns following last week’s Binance hack. CNA reported that investors withdrew $215 million from major bitcoin-backed exchange-traded funds in October.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
