USAupdated 37m ago2 min read
Bitcoin Trades Near $77,500 as U.S. Midterms Open, CLARITY Act Fate Hinges on Congress Control
“The macro backdrop offers little support.”
“Bitcoin doesn’t need a particular election result to succeed.”
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Bitcoin trades near $77,500 as U.S. midterm voting opens The CLARITY Act's fate depends on which party controls Congress
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Midterms and CLARITY
Bitcoin traded near $77,500 on Tuesday morning as polls opened for the U.S. midterm elections, with the vote deciding control of Congress and, with it, the fate of the CLARITY Act.
Bitcoin Magazine Pro data showed the market down about .6% on the day and roughly $30,000 below its price one year ago, while the CLARITY Act had passed the House 294-134 in July 2025.
The Senate failed to advance the CLARITY Act in a 49-50 procedural vote on Sept. 15, and the bill would die if Congress does not act before the new session convenes on Jan. 3.
Prediction markets on Kalshi gave Democrats a 94% chance of taking the House and 74% for the Senate, and the article said a Democratic Senate would likely put Sen. Elizabeth Warren in line to chair the Banking Committee.
Crypto groups spent more than $200 million on the midterms, CNBC reported, as traders watched support between $76,264 and $76,476 and a 200-day exponential moving average.
Crypto races and scrutiny
Voters decided all 435 House seats and 35 Senate races, determining which party controls Congress for the final two years of President Donald Trump’s second term. Industry groups reportedly spent more than $50 million opposing Brown, and Christian Davies, group head of innovation and digital capital at Relm Insurance, said, “A change in control of Congress would most likely reset the timetable for the CLARITY Act,”. The U.S. midterm elections on Tuesday could shape the next phase of cryptocurrency regulation, because control of Congress is at stake and the CLARITY Act remains stalled after a 49-50 vote on a procedural motion in September.
The election outcome could affect what Congress focuses on over the next two years, including efforts to set clearer rules for crypto markets and digital assets. Cointelegraph linked Democratic control to more congressional scrutiny of Trump-linked crypto businesses and regulators’ decisions, and it described Ohio’s Senate race between Republican Jon Husted and Democrat Sherrod Brown as a major test of crypto’s political influence.
Markets, liquidity, and risk
U.S. spot Bitcoin ETFs shed $643.3 million on Friday, their largest single-day outflow since June 25, and another $399 million left on Monday.
On Oct. 29 attackers the FBI attributes to North Korea drained about $6.3 billion from Binance’s hot wallets, and more than $1.3 billion in leveraged positions were liquidated after Bitcoin fell about 4% on Friday.
CoinGlass data showed about $403.11M in crypto liquidations over 24 hours, affecting 97,442 traders, with long positions accounting for $331.69M or 82.3% of the total.
The Crypto Fear & Greed Index stood at 26, indicating fear among investors, and it contrasted that level with 37 a day earlier.
Bitcoin Magazine framed the macro backdrop around a Fed that held rates at 3.75% to 4.00% on Oct. 28 by a 10-2 vote, while it noted September PCE inflation ran at 3.6% year over year and third-quarter GDP grew at a 3.4% annualized pace.