In brief
- Bitcoin recovered from a six-week low to trade at $78,354 early Wednesday, while Ethereum rose to $2,323 following Democratic wins in both chambers of Congress.
- The crypto industry’s Clarity Act had already failed a key Senate vote in September, leaving its push for a federal market rulebook facing a tougher path.
- Crypto groups spent more than $300 million backing candidates across two election cycles, even as hacks and investment outflows weighed on the market.
Bitcoin and Ethereum recovered Wednesday after Democrats won control of both houses of Congress in the U.S. midterm elections, despite the results likely making the crypto industry’s push for friendlier federal rules more difficult.
The crypto market recovery, in…
