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Crypto rebounds after win
Cryptocurrencies rebounded Wednesday after overnight losses following Democrats’ victory in gaining control of both chambers of the U.S. Congress—a result that could hamper the industry’s efforts to ease regulatory restrictions. Bitcoin rose 1.87% to $78,560, while Ether gained 2.6% to $2,331.70. Solana, Dogecoin and Cardano also climbed between 1.6% and 2.2%, despite these smaller currencies having lost about a quarter of their value over the past month. The industry spent more than $300 million during the current and previous election cycles to support crypto-friendly politicians from both parties.
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