On Wednesday morning, Bitcoin was trading at around $78,245, after briefly dipping below the $76,000 mark shortly after the initial election results were announced. Over the past 24 hours, the “leading cryptocurrency” has thus actually gained about 1.7 percent in value.
This suggests that the crypto market has remained largely unfazed by the Democrats' success in the midterm elections. Market observers attribute this relatively calm response to the fact that a Democratic victory was already considered highly likely leading up to the election and was therefore almost entirely priced in.
New Starting Point
The election results, however, have confronted the U.S. crypto industry with a shift in the U.S. political stance toward the crypto market. While U.S. President Donald Trump had repeatedly spoken positively about the crypto world, the Democrats are generally considered to be more cautious.
Industry experts now expect that parliamentary and regulatory measures—such as the industry-friendly “Clarity Act”—could face significantly greater resistance in the U.S. Congress in the future.
Have you gotten over the Binance hack?
According to observers, the crypto market is thus continuing to show a certain degree of resilience. In recent weeks, it has already had to cope with the massive cyberattack on Binance, the largest cryptocurrency exchange, in which approximately $6.3 billion worth of cryptocurrencies were stolen.
Binance subsequently temporarily suspended all deposits and withdrawals. The crypto exchange has so far reimbursed approximately 95 percent of the stolen customer funds from its own reserves.
