Analyst Tyler D says a Democratic takeover of Congress in the US November 3 midterm elections could slow legislative progress on crypto and lead to tougher regulatory conditions. He adds that privacy-focused cryptocurrencies could benefit from the political shift, while rules adopted by the SEC and CFTC could be changed or reversed after a change in government. Tyler D and VirtualBacon both argue that the industry has become too large to be stopped by a change in political leadership and that legislation continues to have bipartisan support. Bitcoin was trading around $76,000 after recovering to $78,000 following the Binance hack, having lost more than 2% in 24 hours and nearly 4% over seven days. To regain upward momentum, BecauseBitcoin analyst Louie says Bitcoin needs to reclaim the $79,000 to $80,000 range through three or four daily closes, or it could fall to at least $70,000.
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