Crypto rallies as Democrats deliver midterm blow to Trump

Democrats' congressional gains could delay the CLARITY Act, but analysts say divided government may limit immediate policy changes affecting Bitcoin. Bitcoin broke above $78,000 as Democrats took control of Congress in a decisive midterm election victory that leaves President Donald Trump facing a more difficult final two years in office. Democrats scored unexpected victories across the country, flipping Senate seats in Iowa, Kansas, Texas, South Carolina and Ohio. Inflation, household financial strain and concerns over corruption were among the main issues cited by voters. The gains give the party control of both chambers of Congress, strengthening its ability to oversee the Trump administration. The change in congressional power is likely to create obstacles for Trump’s remaining policy priorities. Democratic leaders have signaled plans to investigate senior administration officials and examine the president’s business interests. Bitcoin may take more cues from macro conditions than US midterms, Bitget Wallet’s analyst says Crypto prices had wavered ahead of the result as markets weighed the prospect of Democrats gaining ground in Congress and the potential implications of a shif...