Bitcoin recovered from an early sell-off and U.S. stocks rallied on Wednesday as midterm election results came in, but cryptocurrencies linked to President Donald Trump remained lower. The Of
Bitcoin recovered from an early sell-off and U.S. stocks rallied on Wednesday as midterm election results came in, but cryptocurrencies linked to President Donald Trump remained lower.
The Official Trump (TRUMP) memecoin traded at $1.22, down 22.56% over 24 hours on Nov. 4. The divergence followed a major shift in Washington's political landscape.
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Democrats won control of both the House and Senate in the Nov. 3 midterm elections, delivering what the Associated Press described as a sweeping defeat for Republicans.
U.S. Senate resultsIn Texas, Democrat Gina Hinojosa defeated Republican Gov. Greg Abbott, becoming the state's first Democratic governor in more than three decades.
Trump, who was not on the ballot, criticized Abbott after his defeat, calling him a "RINO" in a Truth Social post. In U.S. politics, RINO means “Republican in Name Only.”
He also claimed Republicans "would have won IN A LANDSLIDE" had he been on the ballot, although he told the New York Times he was "absolutely willing to accept" the results.
Vice President JD Vance offered another explanation on Nov. 4.
"The reason we lost is the war. The president himself said so last night," Vance wrote on X, referring to the war in Iran.
U.S. stocks rallied Wednesday, with the Dow up more than 1,500 points, or 2.9%, while the S&P 500 gained 1.8% and the Nasdaq Composite rose 1.3%, in Investopedia's 12:29 p.m. EST update.
Bitcoin (BTC) recovered from an overnight low of $75,618 to above $80,400, while XRP rose 2.3% to about $1.31 Wednesday. Strategy and Coinbase gained 5.4% and 2.7%, respectively, but Hut 8 and IREN fell 20% and 8%.
Trump also celebrated stocks in a Nov. 4 Truth Social post, claiming the market had hit another record high. "Your 401(k)s are through the roof," he wrote.
Trump-linked assets, however, moved in the opposite direction.
Earlier Wednesday, World Liberty Financial's WLFI token fell as much as 10% to a record low, while tokenized Trump Media shares lost 11.3%, at press time.
Trump Media stock also declined about 16.7% in today's trading session according to market data.
The TRUMP memecoin remains roughly 98% below its all-time high.
A Democratic-controlled Congress could also increase scrutiny of Trump's cryptocurrency ventures, with Rep. Robert Garcia previously identifying World Liberty Financial as a potential subject of investigation.
Related: Bitcoin, XRP, crypto stocks surge after GOP loses midterm 2026
