Bitcoin Near $78,000 as Election Week Begins

Bitcoin entered the week of the November 3 U.S. midterm elections near $78,000 after a decline of more than 7% in October, as traders weighed political and economic events alongside continued outflows from spot exchange-traded funds. The cryptocurrency briefly fell below $77,000 on October 30 before recovering. U.S. spot Bitcoin ETFs recorded $643.2 million in net outflows that day, according to reported fund-flow figures. One account said the withdrawals erased inflows from the previous four trading sessions. The figures point to selling pressure, but do not establish what caused Bitcoin’s price moves. The elections will determine control of the House and Senate. The result could affect expectations for digital-asset regulation and pending legislation, including the proposed CLARITY Act. Election outcomes do not themselves enact new rules, and the bill’s prospects may also depend on disagreements among lawmakers. Reports described a Democratic House victory as more likely than a change in Senate control. Economic releases are another focus. The U.S. Bureau of Labor Statistics has scheduled its October employment report for November 6 at 8:30 a.m. Eastern Time. The figures...