Bitcoin rebounded after briefly hitting a six-week low, reaching $78,354 early Wednesday, while Ethereum rose to $2,323. Crypto markets had already priced in the Democratic sweep in both chambers of Congress, which is likely to make federal market rules harder to secure. The Clarity Act had already failed a key Senate vote in September by 49 votes to 50, falling short of the 60 votes needed to proceed. Meanwhile, the crypto market’s total capitalization has fallen by roughly $300 billion over the past month to about $2.67 trillion, and Bitcoin exchange-traded funds recorded $215 million in net withdrawals in October.
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