Cryptocurrencies Gain as Midterm Dust Settles

Dow Jones09:00

0100 GMT - Cryptocurrencies are broadly higher in morning Asian trade, with Bitcoin staying above the psychological $80,000 mark as markets digest Democrats winning the House and the Senate in the U.S. midterm elections. Bitcoin fell sharply before reaching its cycle low after each of the past three midterms, but this time, much of the decline came before the vote, Glassnode analysts say. Over the longer term, the industry will have to adjust to a Democratic Congress, though it is worth noting that Bitcoin is now far more embedded in the traditional financial system than in past cycles, Glassnode says. Banks, asset managers and ETFs are invested, making a change in Washington less of a threat than it would have been a few years ago. Bitcoin is up 0.7% at $80,704.

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