๐ณ๏ธ U.S. Elections: Democrats Win
1. ๐๏ธ Democrats Take Congress
According to the vote count, Democrats won 224 seats in the House of Representatives (Republicans โ 133) and flipped at least 7 Senate seats from Republicans, securing a majority in both chambers.
2. ๐ What this means for crypto
Democratic control of Congress could slow progress on the CLARITY Act and other pro-crypto bills. The market had priced in a 94% chance of Democrats winning the House and a 76% chance of winning the Senate, but the final results have not yet been confirmed.
3. ๐ Trump conceded defeat
The president said he was ready to work with Democrats, but stressed that he โwasn't on the ballot.โ He also linked the Republicans' defeat to the war with Iran and rising gas prices.
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๐ Market and prices
4. ๐ Bitcoin holds around $77,000**
BTC is trading in the **$77,060โ77,451 range, up 0.51โ0.84% over the past 24 hours. The price briefly climbed toward $78,000, but then pulled back.
5. ๐ Ethereum fluctuates around $2,270**
ETH is trading around **$2,260โ2,275, up 0.19โ0.96% over the past 24 hours.
6. ๐จ Fear & Greed Index โ 34
The index rose from 26, but the market remains in the โfearโ zone.
7. ๐ Most sectors are in the red
GameFi fell 3.07%, DeFi 1.58%, and AI 1.29%. The only sectors gaining were PayFi (+0.68%, ZEC +4.59%) and Meme (+0.04%, PUMP +7.05%).
8. ๐ ZRO leads gains among the top 100
LayerZero (ZRO) rose 6.84%, leading the list of the largest cryptocurrencies.
9. ๐ KAS is the worst performer
Kaspa (KAS) fell 5.21%, making it the biggest laggard in the top 100.
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๐ Large whale transactions
10. ๐ Trader liquidated 6 times in 2 hours
Short seller 0x4b62 lost 199.83 BTC (~$15.45M) as BTC rebounded toward $78,000. The remaining position is 70.99 BTC, with a liquidation price of $78,192.
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๐ฆ Binance: investigation details
11. ๐ป Attack began in June
The investigation found that a wallet engineer downloaded a modified Homebrew installer while searching for AI coding tools. In September, hackers impersonated HR and the CEO, persuading another engineer to upload malicious code.
12. ๐ฐ 98% of assets recovered
About $2.85B was frozen or intercepted. 98% of the affected tokens were recovered. Binance's daily flows briefly turned positive (~$1.6B), but weekly net outflows are still around $11.9B.
13. ๐ ETF: $399M in outflows**
On November 2, U.S. spot BTC ETFs recorded net outflows of **$399M โ the second consecutive day of large withdrawals. Institutional demand remains weak.
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๐ Coming up
14. ๐ Jobs report โ Friday
Nonfarm payrolls data will be the next major macro trigger after the election.
15. ๐ Weekly performance remains weak
BTC is set to close its fifth consecutive negative week, down around 4.7%.
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๐ Bottom line: Democrats take Congress โ this is the main risk for crypto regulation. BTC is holding near $77K, but ETFs are seeing outflows ($399M), and most sectors are in the red. Binance revealed details of the attack: it all started with an infected Homebrew installer. The market is waiting for the vote count and Friday's jobs data.
