Bitcoin and the broader crypto market recovered on Wednesday after overnight losses triggered by the U.S. midterm elections, which Democrats won in both chambers of Congress. Bitcoin briefly touched a six-week low before rising 0.7% to $78,354, while ether gained 1.4% to $2,323. The Democratic victories could complicate efforts to advance pro-crypto legislation, although some elected officials support clearer rules. The market remains pressured by a reported $6.3 billion Binance-related security incident, $215 million in Bitcoin ETF outflows in October and $1.84 billion in net outflows year to date. Bitcoin remains about 41% below its October 2025 record above $122,000, while the total crypto market capitalization stands at roughly $2.61 trillion.
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