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Source: Newsmaker.id
Bitcoin strengthened again on Wednesday (Nov 4) as the market reacted to the results of the U.S. midterm elections, which provided greater clarity on the political direction in Washington. Bitcoin rose 1.8% to US$77,919.7, recovering some of the losses incurred after hitting a more than one-month low in the previous session.
Bitcoin’s rise also followed a broader recovery in risk assets. Wall Street futures and several Asian stock markets began to pare earlier losses—particularly in the technology sector—prompting "bargain hunting" after crypto assets had come under pressure in recent weeks.
The Democratic Party secured a majority in both the Senate and the House of Representatives. Since this outcome was largely anticipated by the market, Bitcoin’s positive response reflects a reduction in political uncertainty rather than a surprise election result.
However, the Democratic victory could pose a challenge for the crypto industry in the medium term. While pro-crypto regulations have previously enjoyed strong support from the Republican Party, Democrats tend to be more cautious regarding the digital asset industry—a stance that could lead to more hurdles in the crypto regulatory process.
Elsewhere in the crypto market, Ethereum rose 1.7% to US$2,296.59, XRP gained 1.5%, Solana climbed 0.8%, Cardano added 1.4%, and BNB rose 0.8%. Meanwhile, the memecoin TRUMP fell 4% as election results began to point toward a Democratic victory.
Newsmaker Analysis: Bitcoin’s current rebound is driven primarily by a recovery in "risk-on" sentiment and bargain hunting following a sharp correction. Yet, the Democratic victory could prove to be a double-edged sword: it is positive for short-term sentiment by reducing uncertainty, but it may also lead to a more restrictive regulatory environment for crypto in the medium term. (arl)
Source: Newsmaker.id