Cryptocurrencies rebound after Democratic midterm sweep

Cryptocurrency prices recovered on Wednesday after Democrats captured both chambers of Congress in US midterm elections, reversing overnight losses.

• Bitcoin briefly touched a six-week low before rising 1.87 percent to $78,560.
• Solana, Dogecoin and Cardano gained between 1.6 and 2.2 percent on Wednesday, though all have shed nearly a quarter of their value over the past month.
• The crypto sector spent more than $300 million backing pro-digital-asset candidates from both parties across the current and previous election cycles.
• Binance clients withdrew a net $4.72 billion after the exchange reopened following last week's $6 billion hack, the largest in the sector's history.