Bitcoin dips to $75,600 on US election night, rebounds to $78K

Bitcoin fell to a seven-week low near $75,600 on US election night and rebounded to $78,000 within three hours, Cointelegraph reports. The trigger was the midterm result: Democrats won control of Congress.

Details

According to Cointelegraph, the $75,618 low is a level last seen on Sept. 16. Price then recovered to $78,039. Our Binance data shows a 24-hour low of $75,736, and at 2:37 AM ET on Nov. 4 BTC traded near $78,300, up 1.8% on the day. The outlet points to the 50-week moving average near $75,733 as support.

CoinGlass data showed the dip below $76,000 liquidated late long positions. Crypto longs liquidated over 24 hours totaled $288 million, per Cointelegraph.

Republicans lost the Senate: CNBC projections give Democrats at least 51 seats, covered in a separate story. In the House, CNBC projects at least 245 Democratic seats against the 218 needed. President Trump said: "I think we'll work with the Democrats, and we'll get along very well with them" (quoted by Cointelegraph).

What this means for the market

Talos analyst Kelly Ye said bitcoin moved about 1.7% after the polls closed, close to the roughly 1.8% options had priced, with no major leverage flush. In her words, the election was the main event, but markets had largely prepared for it.

For crypto regulation, the new balance of power puts plans for the CLARITY Act under review, but no decisions have been made. For the live price, see the daily brief.

This is not investment advice.