CNA · 2026-11-04 08:48 UTC

Crypto dips on Democrat midterm wins, Binance hack dents optimism

Bitcoin dipped to a six-week low at $78,070 after Democrats won majorities in both Senate and House, potentially slowing crypto-friendly deregulation efforts the industry has spent $300 million supporting. Bitcoin has fallen 41% from October 2025 highs above $122,000, with the crypto market losing $300 billion in value over the past month due to AI concerns and rising borrowing costs. A $6 billion Binance hack last week and $4.72 billion in customer withdrawals have further damaged sentiment, with analysts citing security risks and potential political headwinds as major concerns.

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