Analysis: Bitcoin Selloff Eases as Crypto Traders Digest Democratic Sweep

Nov. 4 — According to Cailianshe, Bitcoin rebounded from an earlier selloff after touching a seven-week low, as investors weighed expectations that Democrats will sweep the US midterm elections and the implications for the crypto industry.

“Because Trump said he will respect the election results, and US voters have voted against the war, people now have hope for restarting peace talks, and Bitcoin is rebounding,” said Thielen, head of 10x Research, referring to the war with Iran that broke out in February this year. “Bitcoin is currently oversold and should rebound.”