Bitcoin Plummets to 7-Week Low as Democratic Sweep Spooks Crypto Markets

Bitcoin tumbled to a seven-week low on Wednesday as early US midterm election results indicated a potential Democratic sweep of Congress, injecting fresh political uncertainty into an already jittery market.

The leading cryptocurrency dropped as much as 2.8% to $75,630.57 during Asian trading hours, marking its lowest level since September 17. It later pared some losses to trade around $76,600 by 12:20 p.m. in Singapore.

The decline coincided with falls in US stock futures and the dollar, while Treasuries gained. This market reaction reflects expectations that Democratic control of Congress could lead to political gridlock in Washington, potentially stalling key legislative agendas—including those related to cryptocurrency regulation.

Investors are closely watching the election outcome, as a divided government may hinder progress on crypto-friendly policies, adding to the fragile investor appetite already weighing on digital assets.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.