Crypto dips on Democrat midterm wins, Binance hack dent optimism

Cryptocurrencies dipped briefly on Wednesday after Democrats won majorities in both the US Senate and House in the midterm elections, potentially denting momentum for an industry seeking faster deregulation for digital assets. Bitcoin touched a six-week low before recovering and was trading roughly flat at $78,070 by 0715 GMT. Ether rose about 1% to $2,292. The broader market’s value was around $2.61 billion, down roughly $300 billion in the past month as investors rotated toward safer assets amid concerns over AI returns and rising borrowing costs. Sentiment also weakened after last week’s $6 billion Binance hack, the largest in history, when net withdrawals reached $4.72 billion since the exchange reopened.