Bitcoin's Election Day Panic: Crypto Traders Fear a Democratic Midterm Sweep

Crypto traders turned sharply bearish as Americans voted in Tuesday’s midterm elections. Polymarket, a prediction market, gave Democrats a 74% chance of winning both the House and the Senate. Bitcoin holders and crypto stock investors are exposed, because the next Congress decides whether stalled crypto rules ever pass. Why a Democratic Midterm Sweep Worries Crypto Traders Many traders see Republican control as friendlier to crypto, according to analytics firm Santiment. Its count of bearish election posts hit the highest level in a month of data. The sticking point is the CLARITY Act, a bill that would split crypto oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Senate blocked it 49-50 on September 15 , 11 votes short of 60.

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