This morning I was saying 76,389 had held, then as soon as the election results started coming in overnight, $BTC slid from around 78,000 to 75,700. More than two grand vanished just like that—I could practically hear the smack of that reality check.
During the Asian morning session, it bounced back to around 76,700, and the 76,000 level held.
Put simply: NBC, CNN, and several other outlets all called the House for the Democrats, putting them over the 218-seat threshold. The picture in the Senate is still disputed. What hurts crypto isn’t who won, but the CLARITY Act: it fell short of the 60 votes needed in the Senate in September, with a 49–50 vote. If nothing happens before January 3, it expires. Next session, Waters is next in line to take over the House Financial Services Committee, so starting the process all over again will only make things more drawn out. Stablecoins have the GENIUS Act as a backstop, and the SEC and CFTC will keep writing rules. A legislative dead end doesn’t mean the end of regulation. $ETH is moving along with the market around 2,270.
Bottom line: there’s support below, while 79,500 is capping the upside. This move on election night is emotional pricing, not a trend reversal. Just my personal opinion, not financial advice.
#USMidtermElections #Bitcoin #CryptoNews
Tonight, which do you bet comes first: $BTC reclaiming 79,500, or retesting 75,700 before another dip? Pick a side in the comments.
During the Asian morning session, it bounced back to around 76,700, and the 76,000 level held.
Put simply: NBC, CNN, and several other outlets all called the House for the Democrats, putting them over the 218-seat threshold. The picture in the Senate is still disputed. What hurts crypto isn’t who won, but the CLARITY Act: it fell short of the 60 votes needed in the Senate in September, with a 49–50 vote. If nothing happens before January 3, it expires. Next session, Waters is next in line to take over the House Financial Services Committee, so starting the process all over again will only make things more drawn out. Stablecoins have the GENIUS Act as a backstop, and the SEC and CFTC will keep writing rules. A legislative dead end doesn’t mean the end of regulation. $ETH is moving along with the market around 2,270.
Bottom line: there’s support below, while 79,500 is capping the upside. This move on election night is emotional pricing, not a trend reversal. Just my personal opinion, not financial advice.
#USMidtermElections #Bitcoin #CryptoNews
Tonight, which do you bet comes first: $BTC reclaiming 79,500, or retesting 75,700 before another dip? Pick a side in the comments.
