Bitcoin climbed on Wednesday alongside a broader recovery in risk assets, as markets responded to the results of the U.S. midterm elections. The world’s largest cryptocurrency rose 1.9% to $78,662.70 by 05:34 ET (10:34 GMT), after hitting a more than one-month low in the previous session.
Other cryptocurrencies also advanced, with bargain buying following losses in recent weeks. Wall Street futures and Asian stock markets pared earlier declines, particularly among technology shares.
According to Associated Press counts early Wednesday, Democrats won majorities in both the Senate and the House of Representatives. They held 53 Senate seats to The Republicans’ 42, with five races still uncalled. In the House, Democrats had won 221 seats and Republicans 129, while 95 seats remained undecided.
The result could bring additional regulatory obstacles for the crypto sector. The report noted that legislation supporting the industry during the first two years of President Donald Trump’s term had largely been backed by Republicans, while Democrats have generally taken a more skeptical position and were seen as opposing measures including the Clarity Act. Trump told The New York Times on Tuesday night that he would accept the election results.
The $TRUMP memecoin fell 4% after the results. Elsewhere in the industry, Block Inc. reported that gross profit from its Bitcoin ecosystem dropped 50% to $52 million in the September quarter, primarily because of lower Bitcoin transaction fees on Cash App. The company nevertheless reported better-than-expected third-quarter earnings and raised its annual profit outlook; its shares rose sharply in premarket trading.
Among other major cryptocurrencies, Ether gained 2.6% to $2,330.59 and XRP rose 3.3%. Solana and Cardano each added 1.4%, BNB climbed 0.7%, and Dogecoin advanced 1.3%.
Sources: Investing.com News.