Bitcoin trades near the $78,000 mark on Wednesday amid institutional outflows and macroeconomic uncertainty. The cryptocurrency was trading at the $78,330 mark, and Ethereum was trading at $2,317.

In the past 24 hours, Bitcoin and Ethereum were up 1.87% and 2.41%, respectively. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano gained up to 2.66%, whereas Tron was down 0.13%.

Riya Sehgal, Research Analyst, Delta Exchange said early results from the November 3 US midterm elections have increased focus on Congressional control and future crypto regulation, and the outcome could influence renewed efforts to advance the CLARITY Act, which failed to clear a Senate procedural vote in September.

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