Crypto dips on Democrat midterm wins, Binance hack dent optimism 

Cryptocurrencies fell overnight after Democrats won control of both houses of the US Congress in the midterm elections, raising concern that crypto-friendly legislation and deregulation could stall. Prices recovered on Wednesday as US stock futures rebounded, but the market remains under pressure from political uncertainty, security concerns and weaker investor appetite for riskier assets.

Bitcoin briefly hit a six-week low before rising 0.7 per cent to US$78,354, while ether gained 1.4 per cent to US$2,323. Bitcoin is down about 41 per cent from its October 2025 record above US$122,000, and the wider crypto market has shed around US$300 billion in a month. The downturn follows a US$6 billion Binance hack; customers withdrew a net US$4.72 billion after the exchange reopened, while bitcoin ETFs saw US$884 million in net weekly outflows.