Following the midterm results, Bitcoin briefly fell to a six-week low before stabilizing near $78,070, while Ether traded around $2,292. The market faced compounding pressure after a historic $6 billion breach at Binance prompted net customer withdrawals of $4.72 billion once operations resumed. Rising borrowing costs and concerns over artificial intelligence investments have further eroded market sentiment, contributing to a $300 billion retreat over the past month. The overall cryptocurrency market is now valued at approximately $2.61 trillion, down about 41 percent from its October 2025 highs.
Key points
Digital asset firms face heightened regulatory uncertainty despite investing over $300 mi…: Digital asset firms face heightened regulatory uncertainty despite investing over $300 million into bipartisan campaign contributions.
Legislative momentum for industry-friendly policies established over the past two years r…: Legislative momentum for industry-friendly policies established over the past two years risks stalling under the new congressional leadership.
Compounding pressures from exchange security failures and broader macroeconomic factors a…: Compounding pressures from exchange security failures and broader macroeconomic factors are driving extended losses across digital token markets.
Sources checked by our analysis pipeline: 1
(Corrects paragraph 4 to $2.61 trillion from billion)
By Amanda Cooper and Jiaxing Li
LONDON/HONG KONG, Nov 4 : Cryptocurrencies briefly dipped on Wednesday as Democrats won majorities in both the Senate and House in the US midterm elections, a potential blow to an industry that has pushed for faster deregulation for digital assets.
The sector has spent more than $300 million backing crypto-friendly Democrats and Republicans in roughly equal measure during the current and previous election cycles, hoping to pass legislation US crypto companies say will put them on a solid legal footing and allow them to thrive.
Bitcoin briefly touched a six-week low before recovering to trade roughly flat by 0715 GMT at $78,070. Ether traded at $2,292, up just 1 per cent.
Bitcoin has fallen by around 41 per cent since hitting record highs above $122,000 in October 2025, bringing the value of the broader crypto market to around $2.61 trillion, according to CoinMarketCap.
The market has lost some $300 billion in value in the last month alone, as deepening concern about future returns from AI and…
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