The world’s largest cryptocurrency rose by 1.8 per cent to $77,919.7 by 09:48 Moscow time. Bitcoin has thus recovered from the drop to its lowest level in over a month, recorded the previous day, according to investing.com.
Other cryptocurrencies also rose in value, as investors began buying up assets that had fallen in price following heavy losses in recent weeks. Prices received further support from a narrowing of initial losses on Wall Street futures and Asian stock markets, particularly in the technology sector.
Democrats have gained control of both houses of Congress; a showdown with Trump lies ahead
The Democratic Party has secured a comfortable majority in both the Senate and the House of Representatives, according to vote counts by the Associated Press on Wednesday morning.
The Democrats have secured 53 seats in the Senate, the Republicans 42, with results for a further five seats yet to be announced. In the House of Representatives, the Democrats have secured 221 seats – a clear majority – whilst the Republicans have 129, with results for 95 seats still to be finalised.
The Democrats’ victory was broadly expected based on pre-election opinion polls, which had recorded growing voter dissatisfaction with President Donald Trump and the Republicans’ handling of high fuel prices, rising corruption within government bodies and the protracted war in Iran.
However, the Democrats’ takeover of Congress is likely to create additional regulatory hurdles for cryptocurrencies, as all the bills supporting the crypto industry passed during the first two years of Trump’s presidency were primarily driven by Republicans.
Democrats generally remain sceptical of cryptocurrencies and are believed to have blocked key industry bills, including the Clarity Act.
Trump now faces two years of working with a Congress that is opposed to him. Whilst the president may resort to executive orders to bypass Congress, such measures could be reversed when the administration changes.
On Tuesday evening, Trump told the New York Times that he recognised the election results.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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