Crypto market recovers after Democrats secure control of Congress
Cryptocurrencies rose on Wednesday, recovering from losses recorded overnight after Democrats won control of both houses of the US Congress. The election result raised concerns about the prospects for faster deregulation, a key objective for the crypto industry under President Donald Trump.
The sector has invested more than $300 million in political campaigns supporting crypto-friendly candidates from both parties across the current and previous election cycles. Bitcoin climbed 0.7% to $78,354 by 08:41 GMT after briefly falling to its lowest level in six weeks. Ether advanced 1.4% to $2,323.
Despite the rebound, Bitcoin is still down around 41% from its record high above $122,000 in October 2025. The wider crypto market has shed roughly $300 billion in value over the past month, with investors reducing exposure to riskier assets amid concerns over AI returns and rising borrowing costs.
