Bitcoin climbs 0.7% to $78,354, ETF outflows reach $1.16 billion post-election

BTC rose 0.7% to $78,354 after Democrats secured control of both chambers of Congress, reversing a recent downtrend that had brought the cryptocurrency to a six-week low. The political shift renewed market attention on the prospects for crypto-related legislation in Washington. Despite the rebound, persistent institutional selling continues to raise doubts about the sustainability of Bitcoin ’s upward momentum. The initial market response to the election results was negative, as expectations grew that Democratic control might complicate new cryptocurrency regulations. However, the selloff quickly reversed.

Source: CoinTurk News