According to Russell Thompson, chief investment officer at Hilbert Group, Bitcoin has not fully priced in the possibility of a Democratic victory in the US midterm elections. Prediction markets assign a 94% probability of Democrats taking control of the House, with projections of 235 seats against 186 for Republicans, a scenario that could hinder President Donald Trump’s legislative agenda. Hilbert is maintaining limited risk exposure because of the Binance hack and Middle East tensions. Bitcoin is testing support between $76,000 and $78,000 as demand for downside protection increases and rate markets price a 72% to 73% probability of another rate hike in December.
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