Analyst Sees Bitcoin Rally Potential Despite Democratic Sweep

Bitcoin could see a relief rally as U.S. midterm election uncertainty clears, with a Democratic sweep largely priced in, an analyst said. He warned that slower crypto reform could weigh more heavily on companies awaiting regulatory permissions. James Butterfill, head of research at digital asset investment firm Coinshares, assessed the Nov. 3 U.S. midterm election results in comments sent directly to Bitcoin.com News. He stated: Democrats won majorities in both the House and Senate . The incoming majorities take office in January, setting up divided government for the final two years of President Donald Trump’s term. His administration will face an opposition-controlled Congress as it pursues its legislative agenda. Bitcoin was trading near $80,574 at 7:12 p.m. EST on Nov. 4, up 4.20% over 24 hours.

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