FX.co ★ Bitcoin Falls as US Midterm Results Roll In

Bitcoin fell toward $76,000 on Wednesday, its lowest level since mid-September, as early US midterm election results signaled potential Democratic gains in Congress. The prospect of a Democratic takeover injected uncertainty into the outlook for crypto-related legislation, raising concerns that it could complicate efforts to advance industry-backed measures such as the Clarity Act and shift congressional regulatory priorities.

The cryptocurrency also remained under pressure from the lingering fallout of last week’s $6.3 billion Binance hack and muted retail participation, as investor interest increasingly tilts toward artificial intelligence–related assets. Bitcoin has now declined about 6% over the past week.

At the same time, US-listed spot Bitcoin ETFs recorded more than $1 billion in outflows on Friday and Monday, as investors moved to bolster downside protection in the run-up to the elections.