CNA · 2026-11-04 07:39 UTC

Crypto dips on Democrat midterm wins, Binance hack dent optimism

Cryptocurrencies dipped as Democrats won majorities in both Senate and House in US midterm elections, potentially slowing crypto-friendly deregulation efforts the industry has spent over $300 million supporting. Bitcoin fell 41% from October 2025 highs above $122,000 to $78,070, while the broader crypto market lost $300 billion in value over the past month amid AI concerns and rising borrowing costs. A $6 billion Binance hack last week and $4.72 billion in customer withdrawals since reopening have further damaged market sentiment and raised security concerns.

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