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Highlights of the crypto market news today
Crypto-friendly Republican candidate Bernie Moreno won the U.S. Senate race against Democratic Senator Sherrod Brown. According to the Associated Press, Moreno won the Senate seat on Tuesday night with 50.6% of the vote compared to 46% for Brown. Moreno defeated Brown, who has served in the Senate since 2007. Reports indicate that the major political action committee Fairshake contributed $12 million to Moreno to unseat Brown.
Moreno is the co-founder of ChampTitles, a company that uses blockchain technology to issue vehicle titles. Moreno has spoken extensively about crypto, including a pledge to "lead the fight to protect crypto in the U.S. Senate" in a June interview with Fox Business. He shared in an X post: "Politicians like Sherrod Brown and Joe Biden have no understanding of crypto and are completely unfit to manage it. They are obsessed with destroying crypto because they hate American innovation."
Brown has criticized the crypto industry for years. As chair of the Senate Banking Committee, he has the authority to shape legislation, including crypto-related bills. Brown has called for tightening the use of crypto for terrorism financing and sanctions evasion, and has demanded that federal agencies use their existing powers to address bad actors in the industry. With Brown's defeat, the Senate Banking Committee chairmanship is now vacant.
This committee also has jurisdiction over the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). According to the Associated Press, the Republicans gained a majority in the Senate on Tuesday night, meaning Senator Tim Scott (R-S.C.) could take over as chair of the Senate Banking Committee. Scott, currently the top Republican on the committee, has recently been supportive of the crypto industry. In August, he proposed creating a subcommittee focused on digital assets if he becomes chair.
BingX Bitcoin Chart
BingX Bitcoin Chart 1D, 06/11/2024 | Source: TradingView & BingX
Bitcoin has just surpassed the $73,800 mark for the first time since March 13, and reached the $75,000 level as early election results showed Donald Trump in the lead. Bitcoin reached a new all-time high of over $75,000 on November 6, surpassing the previous high of $73,800 from March, as traders rushed into crypto ahead of the U.S. election results. When the New York market opened, Bitcoin (BTC) initially spiked, rising more than 3% to reach a daily high of $70,577 as volatility related to the U.S. presidential election fueled the crypto market.
A few hours after the U.S. trading day ended on November 5, Bitcoin reached a new record high, touching $75,000.85 at 3:08 am UTC on November 6 on Coinbase, according to TradingView. Throughout much of 2024, traders have expressed optimistic views on Bitcoin's price potential if Republican presidential candidate Donald Trump were to win. Over the course of the year, candidates from both parties have adjusted their stances on crypto regulation. Bitcoin prices also seemed to fluctuate in line with Trump's winning probability on Polymarket, a decentralized prediction platform.
On November 5, Bitcoin prices rebounded above $70,000 as Trump's winning probability surpassed 60%, while Harris' fell below 39%. Despite reaching new all-time highs, traders expect Bitcoin prices to remain volatile, and changes in market participant positioning reflect this sentiment. On November 4, the market witnessed a rare day of outflows from Bitcoin Spot ETFs, with a total of $541.1 million flowing out as Fidelity, ArkInvest, Bitwise, Grayscale, and GBTC sold. Meanwhile, BlackRock's IBIT attracted $38.3 million in inflows.
Currently, the support level for BTC is $74,000 and the resistance level is $78,000.
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