Bitcoin

Bitcoin (BTC) and the wider crypto market fell on Thursday as US markets opened. Losses in AI-related stocks pushed the NASDAQ Composite (IXIC) down as much as 5% amid concerns that Democrats' control of both chambers of the US Congress could lead to tighter crypto and AI regulations.

Bitcoin (BTC) extends its rebound, climbing above $80,500 on Thursday after closing above the key Exponential Moving Averages (EMAs) the previous day. The rebound comes as a short squeeze triggers nearly $800 million in liquidations over the past 24 hours.

Cryptocurrency prices are broadly consolidating on Thursday, with Bitcoin (BTC) trading around $80,600 after its recent recovery stalled below $81,000. Ethereum (ETH) remains neutral-bullish, hovering above $2,400 as recovery momentum cools.

House Democrats are reportedly discussing plans to introduce a broader crypto market structure bill in the next Congress, potentially reviving provisions they unsuccessfully sought to include in the Digital Asset Market Clarity Act (CLARITY).

Ripple (XRP) edges higher near $1.30 on Wednesday, building on a broader crypto market recovery wave. The uptick comes amid the United States (US) midterm elections, in which the Democratic Party has clinched victory in the Senate and is on track to gain control of Congress.

Bitcoin (BTC) trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum (ETH) mirrors BTC’s recovery outlook, hovering above $2,300. Ripple (XRP) similarly exchanges hands above $1.28, marking two consecutive days of gains.