November 4th commute podcast — Bitcoin recovers to $78,000 as U.S. Democrats secure congressional majority, $324 million in long liquidations

Democrats winning both chambers of Congress in the U.S. midterm elections drove a volatile crypto session, with bitcoin dipping below $76,000 before recovering to near $78,000. As of 3:59 p.m., bitcoin traded at $77,894, up 1.83% on the day, while ether rose 2.27% to $2,294. The move came alongside $324 million in long liquidations, reflecting how quickly traders repriced exposure around the political outcome. Markets read the result as raising both expectations and caution over the future direction of macro policy and crypto regulation. Traders will watch whether the incoming Congress signals tougher oversight or a more accommodative stance, and whether bitcoin can hold the $78,000 level as those policy signals develop.