The results of the U.S. Midterm Elections are in, with the Democratic Party securing control of both the Senate and the House of Representatives. The fading of political uncertainty drove a broad rally across risk assets. Bitcoin surged more than 3.3% on Thursday, reclaiming the $80,000 round-number level, last trading at $80,543—a marked recovery from this week's low of around $75,000.
Market participants noted that a weaker dollar, declining U.S. Treasury yields and falling international oil prices all provided additional support for the cryptocurrency market. U.S. President Donald Trump's statement that he would accept the election results and work with the Democratic Party further steadied market sentiment.
The broader cryptocurrency complex rebounded in tandem. Ethereum rose 5.6% to $2,420.54, XRP gained 2.3%, Solana and Cardano both climbed more than 3%, BNB added 2%, and Dogecoin edged up 2.3%. The Trump-linked meme coin $TRUMP, however, bucked the trend with a 17.2% plunge, reflecting the impact of the Republican Party's resounding defeat.
Political Uncertainty Cleared, but Regulatory Risk Heats Up
While the congressional reshuffle removed near-term uncertainty, it also introduced new policy variables for the crypto industry. The Democratic Party has historically taken a stricter stance toward the crypto sector, having blocked the legislative process for the key regulatory bill known as the CLARITY Act earlier this year, and some party lawmakers have advocated tougher anti-money-laundering and risk-management requirements for industry players.
Because most crypto bills have been driven primarily by the Republican Party, the shift in congressional leadership adds considerable uncertainty to the legislative outlook—a key factor weighing on the strength of Bitcoin's latest rebound.
Funding flows are also flashing warning signs. U.S. spot Bitcoin ETFs saw combined net outflows of $1.04 billion last Friday and this Monday, with cumulative outflows exceeding $515 million in October and early November, indicating that institutional demand is cooling.
Miners Cash Out Heavily, Pivot to AI
Major Bitcoin miner Riot Platforms (RIOT) disclosed that it sold 10,599 bitcoins in the third quarter—about 79% of its prior holdings—leaving it with just 2,418 coins. The company said the liquidation was mainly to raise capital to support its pivot into the artificial intelligence (AI) business, but the large-scale selloff still raised market concerns about the profitability of mining operations.
Notably, Riot's divestment coincided with Bitcoin's roughly 43% rally in the third quarter, with market buying absorbing part of that supply.
Technicals Still Bullish; Near-Term Range Consolidation
Traders Union expert Viktoras Karapetjanc holds a relatively optimistic view of the outlook. He noted that Bitcoin continues to trade above its 20-day moving average of $79,873 and its 50-day moving average of $78,353, with the underlying technical structure remaining strong.
Karapetjanc assessed that although ETF outflows are weighing on institutional demand, a decisive break above the $81,608 resistance level would give the market room to push higher; in the near term, Bitcoin is expected to consolidate in the $77,361–$81,608 range.
Note: Moving average and resistance data are cited from analysis by Traders Union expert Viktoras Karapetjanc.
Note: Prices are intraday Thursday data; specific prices were not disclosed for some coins.
From an industry perspective, miners redirecting computing power and capital toward AI has become a trend. Riot's move reflects the profit pressure on mining after the Bitcoin halving and the crowding-out effect of AI computing demand on capital. For investors, although Bitcoin has held the $80,000 level in the near term, continued ETF outflows and a hardening regulatory stance in Congress will be the key variables shaping the year-end market.
