Cryptocurrencies recovered Wednesday after overnight losses as Democrats won control of both chambers of Congress, according to Reuters. The crypto industry has spent more than $300 million backing crypto-friendly Democratic and Republican politicians during the current and previous election cycles.

The industry has long pushed for faster deregulation of digital assets. While Republican President Donald Trump has been a high-profile advocate of a lighter regulatory approach, some Democrats have also supported similar policies.

Bitcoin briefly touched a six-week low before recovering to trade 0.7% higher at $78,354 as of 8:41 a.m. GMT. The rebound followed a reversal in the stock market, with U.S. index futures rising 0.3%…