Bitcoin Price Trades Near $77,500 as Midterm Voting Begins
The bitcoin price traded near $77,500 on Tuesday as U.S. midterm voting opened, facing pressures from a record exchange hack, ETF outflows, and macro headwinds.
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The bitcoin price traded near $77,500 on Tuesday morning as polls opened for the U.S. midterm elections, down about 0.6% on the day and roughly $30,000 below its price one year ago, according to Bitcoin Magazine Pro data. This current bitcoin price movement reflects a broader market caution as voters decide control of Congress and the legislative future of major digital asset regulations.
The vote decides control of Congress and the fate of the CLARITY Act, a market structure bill that previously passed the House 294-134 in July 2025 before failing a Senate cloture vote on September 15. Prediction markets on Kalshi indicated a high probability of Democrats taking the House and Senate. Crypto advocacy groups spent over $200 million on the midterms, while analysts at TD Cowen viewed a potential Democratic sweep as the least favorable outcome for the industry.
Bitcoin Price Pressured by Macro and Security Events
Recent downward pressure has been compounded by severe security and macroeconomic events. On October 29, attackers drained approximately $6.3 billion from Binance hot wallets in the largest crypto theft on record, an incident attributed by the FBI to North Korea. U.S. spot Bitcoin ETFs subsequently shed $643.3 million in a single day, marking their largest outflow since June 25, followed by another $399 million outflow on Monday.
The bitcoin price hovers near $77,500 amid record exchange hacks, ETF outflows, and midterm elections.
The macroeconomic environment offered limited relief. The Federal Reserve held interest rates at 3.75% to 4.00% in late October, with markets pricing in a high likelihood of a December rate hike following recent economic data. Meanwhile, energy markets remained volatile as Brent crude hovered above $100 a barrel amid tensions involving Iran, keeping headline inflation elevated and sustaining the central bank's tightening path.
Why it matters
The convergence of macroeconomic tightening, geopolitical energy pressures, and legislative uncertainty directly impacts digital asset valuations and market liquidity. For global market participants, including investors monitoring these trends from various regions, the outcome of the U.S. midterms and upcoming regulatory decisions will determine the structural viability of crypto markets heading into the new year.