Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress

Bitcoin price downside reached a seven-week-low of $75,618 as 24-hour crypto long liquidations neared $300 million. Bitcoin (BTC) sought to erase 3% overnight losses on Wednesday as crypto markets digested the Democratic sweep of the midterm elections. Data from TradingView showed BTC/USD falling into Tuesday’s daily close as election results came in, with Democrats going on to win control of both the House and Senate . The pair dropped to a low of $75,618 on Bitstamp, a level last seen on Sept. 16, before rebounding as high as $78,039 over the next three hours.