Bitcoin price traded near $78,300 on Wednesday morning, up about 1% on the day, after Democrats won control of both the House and the Senate in Tuesday’s midterm elections and dealt the crypto industry its worst night in Washington since 2022.

The Associated Press called the Senate for Democrats late Tuesday and the House early Wednesday. House Minority Leader Hakeem Jeffries is in line to become speaker. The result exceeded most forecasts: by Wednesday morning the AP tracker showed Democrats with 54 Senate seats to Republicans’ 44, with races still open. 

Prediction markets had put a Democratic House above 90% for weeks, but the Senate margin and the loss of several…

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