Crypto Holds Steady as Democrats Sweep Congress
Bitcoin dipped to ~$75.7K as results rolled in, then bounced back above $79K, while prediction markets called the blue wave within hours.
Democrats won control of both the House and Senate in Tuesday's midterms, and crypto took it in stride: bitcoin briefly sank to ~$75.7K overnight before recovering to ~$79.3K, up ~2.7% on the day.
What's the Scoop?
The Results: Democrats flipped at least seven Senate seats, including Texas, Ohio and Kansas, with races in Alaska and Mississippi still uncalled.
The Markets: ETH rose ~4% to ~$2,377 and SOL added ~2% to ~$95, in line with our expectation that the “blue wave” was already priced in.
The Policy: Democrats now hold leverage over the stalled CLARITY Act, the bill that would set rules for US crypto markets, and plan tougher ethics rules aimed at Trump's crypto ventures. For more on what's next, read our analysis.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
