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Bitcoin Rebounds After US Midterm Elections

Bitcoin Rebounds After US Midterm Elections

Bitcoin sold off and then rebounded sharply as Democrats won majorities in both the Senate and the House of Representatives. BTC fell below $76,000 as the first results came in, then climbed to $78,300 on Wednesday morning, November 4. Ether also approached $2,300, while TRUMP, the token named after Donald Trump, bucked the trend and fell. Bitcoin erases election-night losses within hoursSelling picked up as it became clear that Democrats would win both chambers of Congress. Buyers stepped in just below $76,000. By late morning, Bitcoin had climbed to $78,300, more than $2,300 above its overnight low.Dick Lo, founder of TDX Strategies, attributed the rebound to how quickly the election outcome became clear. In his view, Democratic control of Congress could make it harder to pass legislation backed by the crypto industry. At the same time, with the White House and Congress in the hands of different parties, both sides have less room to push through sweeping policy changes that could unsettle markets.Nasdaq 100 futures followed a similar path. After falling as much as 2.4% overnight, they edged into positive territory during the European morning session. Both markets saw their steepest losses as the first results came in. Buyers returned once it became clear which party would control Congress.Bitcoin options trades reach $660 millionThe options market offered a glimpse into how traders positioned themselves on election day. Paradigm executive Nicolas Quatravaux said Bitcoin options block trades on the platform reached about $660 million in notional value, more than double the previous day’s volume.Traders bought roughly $420 million in Bitcoin call options through Paradigm. These contracts give buyers the right to purchase Bitcoin at a set price. Even as selling continued in the spot market, some derivatives traders were positioning for a rebound. The $420 million figure represents the notional value of the contracts.Ether rises as TRUMP token falls 4%The recovery spread to altcoins. Ether rose 1.7% to $2,296.59, while XRP gained 1.5% and Cardano added 1.4%. Solana, BNB and Dogecoin each rose 0.8%. TRUMP, one of the tokens most closely tied to the election, fell 4% after the results came in.For the crypto industry, one of the night’s most closely watched races was in Ohio. Democrat Sherrod Brown defeated Republican Senator Jon Husted to return to the Senate. According to CoinDesk, the crypto-backed groups Fairshake and Digital Freedom Fund committed more than $63 million between them to the Ohio race in an effort to defeat Brown.The Ohio result could stay on the industry’s agenda long after Bitcoin’s brief sell-off. When the new Congress takes office in January, Brown will be among the senators crypto companies will need to court for support on market structure legislation, just months after backing efforts to defeat him.

Nov 4, 2026
US Midterm Elections: 3 Issues the Crypto Industry Is Watching

US Midterm Elections: 3 Issues the Crypto Industry Is Watching

The US midterm elections held on November 3 could reshape the crypto regulatory agenda in Washington. As voters choose new members of Congress, the industry is watching three issues: the future of the CLARITY bill, key Senate races and possible congressional investigations into crypto companies. Results are not yet in. Current expectations give Democrats an edge in the House of Representatives, while the Senate race remains less certain.With President Donald Trump still in office, the balance of power in Congress could shift. That shift could affect how quickly digital asset regulation moves forward and on what terms.Why the congressional majority matters for cryptoAll 435 seats in the House of Representatives and 35 Senate seats are up for election. Before the vote, Republicans held the Senate with 53 seats to 47. Democrats need a net gain of four seats to win a majority.The party that controls Congress sets committee agendas as well as deciding which bills move forward. If Democrats win a majority in either chamber, they could step up oversight of the administration and industry representatives. If they also win the Senate, they would have more say over senior appointments. Trump will keep his veto power.For crypto companies, the winner alone will not decide the outcome. The size of the new majority, committee chairmanships and the parties’ capacity for compromise will also shape the direction of regulation.CLARITY stalled in the Senate before the electionOne of the industry’s biggest hopes is comprehensive federal rules for the digital asset market. But on September 15, the Senate failed to secure the support needed to advance the CLARITY bill. In the procedural vote, 50 senators backed the bill while 49 voted against it. The bill fell short of the 60-vote threshold needed to move forward. All Democrats and some Republicans voted against it. As a result, the regulation the industry has long awaited was left on hold ahead of the election.According to the Congressional Research Service’s review of the September draft, the bill gives the CFTC the lead role in the digital commodity market. The SEC keeps its authority over certain asset sales. The draft also covers crypto intermediaries, exchanges, decentralized finance and self-custody wallets.The debate is not limited to which agency will be in charge. Registration requirements for companies, disclosures to investors and the rules for different business models are also on the table. Even if Republicans keep their majority, the bill’s passage is not guaranteed. The September vote showed that even the current Republican majority could not muster enough support. If Democrats gain ground, the industry may need to seek broader consensus on a new text.The Ohio race and the industry’s election spendingThe Senate race in Ohio is one of the contests the crypto industry is watching most closely. Republican Senator Jon Husted is running against former Democratic Senator Sherrod Brown. Brown previously chaired the Senate Banking Committee, so financial and crypto companies are closely watching his possible return.The crypto industry has spent about $176 million across more than 100 races this election cycle. Its main backers include Coinbase, Ripple and Andreessen Horowitz. The industry aims to build a network in Congress that will keep its influence after Trump leaves office.The support is not going only to Republicans. According to an AP report from early October, Fairshake released a list backing 19 Republican and 13 Democratic candidates in House races. The list shows that crypto companies weigh candidates’ views on industry regulation alongside their party affiliation.Congressional investigations and price expectationsIf Democrats win a majority, crypto ventures linked to Trump and his family could face closer scrutiny. Reuters reported that Democrats are preparing to investigate possible conflicts of interest in these ties. Such a process could create new legal and political uncertainty for the companies involved.Still, that possibility will not affect the entire crypto market in the same way. According to analysts, the election’s main impact may show up in the pace of legislation rather than in prices. That makes it hard to read either party’s victory as a clear bullish or bearish signal for Bitcoin.The first results will start coming in during the early hours of November 4, Turkey time. Polls in Ohio close at 03:30. Counting may take longer in close races. The US Election Assistance Commission notes that results announced on election night are unofficial until certification is complete.For the crypto market, the first thing to watch will be the seat count in both chambers. After that, committee leadership and any new compromise on CLARITY will shape Washington’s regulatory timeline.

Nov 3, 2026
Binance Reopens Withdrawals for 56 Tokens on Ethereum and Solana

Binance Reopens Withdrawals for 56 Tokens on Ethereum and Solana

Binance has expanded the list of crypto assets available for withdrawal on the Ethereum and Solana networks. According to the exchange’s November 3 update, users can now withdraw tokens including LINK, SHIB, ENA and ONDO on Ethereum, alongside PUMP, RENDER, BONK and TRUMP on Solana. The company said it would gradually restore withdrawals for additional assets and networks as security checks are completed.The latest list forms part of the phased reopening following the security incident. Withdrawal availability depends on the specific combination of token and network.Which assets are available for withdrawal on Ethereum and Solana?According to Binance’s official announcement, withdrawals have resumed for the following tokens on Ethereum: ENA, USDE, PENDLE, WLD, QNT, SHIB, ZRO, FET, NIL, ONDO, ALT, SKY, LINK, ETHFI, REZ, JASMY, PUNDIX, BTC, BAT, STRK, POL, ANIME, LSK, RE, BREV, RLC, AMP, PLUME, BLUR, WBETH, ZBT, ENSO, AVA and TUSD.The Solana list includes USD1, PUMP, FDUSD, BMT, RENDER, RAY, TRUMP, MET, PENGU, JUP, PYTH, BONK, KMNO, BNSOL, ORCA, WIF, W, HUMA, JTO, IO, 2Z and BOME.In the same update, the exchange noted that withdrawals for RLUSD, USD1, TUSD, FDUSD and XUSD on Ethereum had already resumed. Since TUSD appears in both Ethereum lists, not every token in the latest announcement represents a newly restored withdrawal option.The update confirms withdrawal availability for each token on the network listed. A token becoming available for withdrawal on Ethereum does not establish whether withdrawals are also available on another network.Withdrawals reopen as security checks are completedIn its sixth recovery announcement, Binance said the next phase would begin on November 3 at 04:00 UTC. The company noted that the listed assets would not all become available simultaneously. Each network and asset combination would undergo separate security and operational readiness checks.The exchange said it had set priorities based on user demand over the previous week. The latest Ethereum and Solana announcement clarified which parts of that plan had been implemented.The broader plan also includes BNB Smart Chain, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. However, withdrawal availability has not been separately confirmed for every asset included in the plan.Binance advises users to check the relevant asset’s withdrawal screen or the network status page before initiating a transaction. The company said heavy traffic could cause temporary delays and longer processing times. Users can retry unsuccessful withdrawal requests after a short wait.Deposits remain available and are unaffected by the phased reopening of withdrawals.The initial reopening began on November 1Binance launched the first phase of its withdrawal restoration process on November 1. The initial list included BTC on the Bitcoin network; ETH, USDT and USDC on Ethereum; and SOL, USDT and USDC on Solana.The company said it had assessed the affected infrastructure, conducted security reviews and checked operational readiness before restoring services. The latest update expands withdrawal options beyond the core assets included in the initial reopening.Binance plans to expand reserve verificationIn its November 2 statement, the exchange said it had covered approximately 95% of the affected amount using its own resources. The remaining portion consists of less liquid tokens. Binance said acquiring these assets in the required quantities was taking longer.The same statement announced the completion of the zero-knowledge proof for the October 31 reserve snapshot covering BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Users can independently verify that their balances in these ten assets are backed at least one-to-one.The exchange scheduled its next reserve snapshot for November 4 and plans to include additional tokens. It estimates that generating the new proof will take approximately 30–40 hours.

Nov 3, 2026
North Korea Denies Involvement in $6 Billion Binance Hack

North Korea Denies Involvement in $6 Billion Binance Hack

North Korea has denied allegations that it was behind the Binance attack, the largest cryptocurrency theft on record. Blockchain analytics firms and the FBI had attributed the attack, which involved more than $6 billion, to North Korean hackers.According to Yonhap News Agency, citing state news agency KCNA, Kim Yo-jong, the sister of North Korean leader Kim Jong-un, criticized the FBI’s attribution of the attack to the TraderTraitor group. Kim called the accusation a “serious political provocation” and accused Washington of misleading international opinion by portraying cybercrimes worldwide as the work of North Korea.Kim said the FBI was attempting to brand her country a “cybercriminal state.” She recalled that the United States had also attributed last year’s Bybit hack to North Korea, dismissing the allegations as absurd and a repetition of earlier claims.North Korea also conducted a strategic cruise missile test following the statement.The attack lasted approximately 20 minutesAccording to TRM Labs, the attacker drained approximately $6.36 billion from Binance wallets across 10 blockchains in around 20 minutes on October 29. The amount was roughly four times the $1.5 billion stolen in the February 2025 Bybit hack.TRM said preparations began at least 36 hours before the attack and that the operator’s wallet received funding through Tornado Cash. The attacker first tested the malicious code on three wallets.On Ethereum, the attacker used the EIP-7702 standard to turn a Binance hot wallet into a sweeper wallet under their control. To do so, the attacker prepared 50 signed authorizations in advance.Following the attack, Tether froze approximately $1.77 billion in USDT, while Circle froze around $825 million in USDC.FBI lists more than 600 addressesThree firms, including TRM Labs, linked the attack to North Korea. Over the weekend, the FBI also confirmed that North Korea was behind the theft.The FBI said the state-sponsored TraderTraitor group, active since at least 2020, had converted the stolen assets primarily into Ether. Its advisory listed 608 Ethereum addresses, 19 Bitcoin addresses and one Solana address.The FBI urged a wide range of services, from THORChain node operators to DeFi platforms, to block transactions linked to these addresses. According to analyst SomaXBT, the hackers laundered approximately $242 million through the Tron network in the first two days.The FBI had also attributed the February 2025 Bybit attack to TraderTraitor.Binance replaces 95% of affected assetsBinance published its first proof-of-reserves report following the attack on Monday. The exchange said it had replaced approximately 95% of the affected assets using its own funds.Binance also announced that it would gradually reopen withdrawals for additional assets and networks.

Nov 3, 2026
Strategy Resumes Bitcoin Purchases After a One-Week Pause

Strategy Resumes Bitcoin Purchases After a One-Week Pause

Michael Saylor’s Strategy has resumed its Bitcoin purchases after a one-week pause. The company bought another 810 BTC, bringing its total holdings to 849,327 BTC. This marks the highest level the company has reached to date.Strategy spent approximately $65.5 million on the latest purchase. The average purchase price came in just under $81,000. During the same period, the company also repurchased $208.2 million of STRC preferred shares.Saylor announced the purchase on XSaylor announced the purchase on Monday via his X account. According to the post, the company held 849,327 BTC and $4.9 billion in USD assets as of November 1. Saylor’s message put the purchase at 811 BTC. However, compared with the 848,517 BTC the company reported the previous week, the net increase amounts to 810 BTC.Ahead of the purchase, Saylor shared his customary orange chart on Sunday. The note he added to the chart, “We found room for even more orange,” was read by the market as a signal of a new purchase.Funding came from MSTR salesThe company raised approximately $164 million by selling 1.18 million MSTR shares. Close to $100 million of that amount was allocated to its USD reserve. Strategy’s USD reserve currently stands at around $4.8 billion. The company also holds $132.7 million in cash.Last week, the focus was on STRCStrategy did not buy any Bitcoin the previous week. That week, the company spent $204.9 million to repurchase 2.07 million STRC shares. These purchases brought the two-week buyback total to approximately $398 million.The STRC price also recovered during this period. The stock is currently trading less than 1% below its $100 par value. In October, Strategy also raised the limit of its digital credit securities repurchase program from $2 billion to $3 billion.Record profit and CFO departureStrategy reported net income of $19.5 billion for the third quarter. Most of the profit came from accounting gains on its Bitcoin holdings. Meanwhile, the company’s long-serving CFO, Andrew Kang, announced that he will step down on November 5.With the latest purchase, Strategy now holds more than 4% of the total Bitcoin supply. Bitcoin was trading at around $77,800. That price was roughly 3% above the company’s most recently disclosed average cost.

Nov 2, 2026

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Cryptocurrency CalendarNovember 4, 2026
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