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Why Is The Crypto Market Going Up Today?
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
Bitcoin is climbing on Wednesday as the end of the US midterm elections removes a major source of uncertainty. BTC gained 1.8% to about $77,920 in early US hours, bouncing back from its lowest level in more than a month, hit in the previous session. During the vote count, the price briefly slid toward $75,700 before recovering to around $77,600. Traders stepped in to buy after weeks of steep losses, helped by US stock futures and Asian markets recovering from early declines, especially in tech. Altcoins edged up as well, with Cardano rising 1.4% and Solana, BNB and Dogecoin each gaining about 0.8%. History also offers support, since Bitcoin has averaged a 54% gain in the 12 months after each of the three previous midterms. Risks remain. A Democratic-controlled Congress could make crypto regulation tougher, as most pro-crypto laws of the past two years had Republican backing.
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