Congressional midterm elections in the United States begin today. As a result of the elections, 435 members of the House of Representatives, 35 senators and 36 state governors will be determined. These members will then determine the course of the legislative agenda for the next two years. In particular, the House of Representatives results are expected to have an impact on Bitcoin, Ethereum, DOGE and other cryptocurrencies.
Which side will be affected by DOGE, SHIB, BTC and the overall crypto market?
The House of Representatives, which is stated to play a key role in overseeing the Senate, plays a critical role. Well, in all these possibilities, how will the investors of well-known cryptocurrencies such as Bitcoin and DOGE be affected? Cryptocurrencies started the week with a horizontal process. The mid-election results remain to be seen if Leader Joe Biden has a supportive legislature. As a result, it will determine the status of the President of the United States for the next two years of his first term in mission.
S&P, Dow and Nasdaq managed to close the day with 0.96% and 1.31% gains, respectively. However, traders are looking for an exit to make up for the losses experienced at the end of last week. DOGE and other cryptocurrencies managed to make some gains before the elections. Information provided by TradingView reported that Bitcoin (BTC) bulls are in a control war. BTC bulls broke through before rebounding above $20,700 where it is currently taking place. President cryptocurrency BTC was attacked by bears in the early hours. This shows that the BTC price has had to experience a recovery.
Analysts share their comments
According to senior technical analyst Jim Wyckoff, despite the weakness seen on Monday, he gave his view for BTC:
It hit its highest level in nearly two months last Friday. It then remained in an uptrend on the daily bar chart. The bulls may move in the near term. It provides a technical advantage and continues to strive to keep the price uptrend alive.
According to IDX Digital Asset CIO Ben McMillan, BTC’s ability to maintain its uptrend is quite high. McMillan says DOGE and the broader crypto market were affected by the Fed rate decision announced last week. He said clearer statements from the Fed helped clear up some of the uncertainty in the market.
The latest FOMC meeting and comments caused the markets to adjust their interest rate expectations again, but in doing so they removed some uncertainties. As we expected, it appears to be an early risk area for crypto.
The CIO also commented on the US midterm elections. McMillan stated:
Historically, cryptocurrency markets have been almost sideways until the US midterm elections, where there was a rally. While this year is clearly the exception rather than the rule, we wouldn’t be surprised to see an exemplary situation.
In which direction will the CPI statement affect the market?
As we have reported as Koindeks.com; Except for the US midterm elections, crypto analyst Michaël van de Poppe shares his expectations. According to Poppe, the results will not affect the cryptocurrency markets much.
. For those who are fed up with sideways price action over the past six months, fellow crypto analyst Rekt Capital shared a tweet highlighting BTC’s historic performance.
DOGE and other altcoins bearish before mid-election
Altcoin market faces dips ahead of mid-elections. DOGE and the majority of other altcoins remained in the red throughout the day. However, amid the day’s significant gains, Livepeer (LPT) saw a 12.75 percent gain. There was a 7.7 percent increase for Chainlink (LINK) and COTI (COTI). The overall cryptocurrency market cap is currently $1,038 trillion, with Bitcoin dominance at 38.5 percent.