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The crypto market is under pressure today as investors worry about the US midterm elections and continued selling. What's causing the drop?
Bitcoin is testing support near $76K. If it drops below that level, prices could fall further. A recovery above $78K could help restore confidence.
Here’s what we got for you today:
👀 Our Black Friday is cominggg
⭐ Democrats surge in US midterms
⭐ Tether reveals $11.5B BTC stash
🔥 Burning hot takes for the road
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🏛️ DEMOCRATS TAKE US CONGRESS: WALL STREET SHAKES, BITCOIN REBOUNDS
The results for the 2026 US midterm elections are coming in and showing a clear lean toward the Democratic Party. The Democratic Party took full control of the US Congress, ending the Republican majority.
Why voters switched? AP surveys showed price hikes were the top complaint. Younger voters and Latino voters supported Democratic candidates in record numbers.
1/ Election Results & Prediction Markets
Democrats secured 54 out of 100 seats in the Senate and 225 out of 435 seats in the House of Representatives. Hakeem Jeffries is now set to become the Speaker of the House.
Democrats won big in traditional Republican strongholds:
Kansas: Elected Democrat Adam Hamilton as Senator, the first time Kansas elected a Democratic Senator in 94 years.
Texas: James Talarico beat Ken Paxton, giving Democrats a Texas Senate seat for the first time since 1988.
Ohio & North Carolina: Sherrod Brown won in Ohio, and Roy Cooper won in North Carolina.
This is the biggest midterm shift since 2006, giving Democrats 6 new Senate seats and 15 new House seats.
2/ President Trump’s Reaction & Future Strategy
President Donald Trump accepted the results publicly, though he noted on social media that Republicans wouldn't have lost as badly if his own name had been on the ballot.
In a New York Times interview, Trump said he didn't regret campaigning for candidates who lost, but noted that some supporters stayed home because they didn't like those specific candidates.
Trump admitted to Fox News that the Middle East conflict cost votes, but defended the strike on Iran as a wise choice.
With full control of Congress, Democrats can launch probes into the White House, Trump’s family, and their crypto business deals (like World Liberty Financial, selling shares to UAE leaders, and the 2025 pardon of Binance founder CZ).
3/ Wall Street and Asian Markets Drop, Crypto Market Bounces Back
Fear that a Democratic Congress will slow down growth policies and increase regulations on AI, Big Tech, and crypto pushed stock markets down.
Nasdaq 100 dropped up to 2%, S&P 500 fell 1.2%, and Dow Jones slipped 0.7% before losses narrowed (closing down around 0.7%, 0.6%, and 0.3%).
Japan’s Nikkei 225 fell 1.6%, South Korea’s Kospi dropped 0.2%, and Taiwan’s Taiex dropped 2.3%. SoftBank (invested heavily in OpenAI) lost 8%, while chipmakers SK Hynix and Samsung also slipped.
US 10-year Treasury yields dropped from nearly 4.97% down to around 4.90%, reflecting safe-haven caution.
While traditional stocks dropped, the crypto market saw a quick recovery after initial volatility.
Bitcoin briefly dropped to $75,700 before rising back up to $77,800 (up nearly 2% in 24 hours).
Derivatives traders faced heavy losses. Over $435 million in positions were wiped out in 24 hours, with Long positions making up $270 million (62%).
Historical data shows Bitcoin usually rises in the 12 months following US midterms:
2014: +24.5%
2018: +44.9%
2022: +92.3%
Average Gain: +53.9%
The market stays cautious due to macro uncertainty, the recent $6.3 billion Binance hack, and potential delays for the CLARITY Act (the US crypto regulation bill that stalled in the Senate).
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🌐 TETHER BOOSTS BITCOIN HOLDINGS TO 150,000 BTC ($11.5 BILLION+)
Tether, the issuer behind $USDT ( ▲ 0.0% ), has announced that its total Bitcoin holdings have reached 150,000 BTC (worth over $11.5 billion). The reveal was made by CEO Paolo Ardoino at the Plan ₿ Forum in Lugano, Switzerland.
However, the announcement has sparked fresh questions because the total count is roughly 50,000 BTC higher than what was recorded in Tether’s most recent official Q3 2026 reserve report.
1/ Breakdown: CEO Statement vs. Q3 Reserve Report
Here’s how the numbers stack up between the official reserve report and the CEO's statement:
Metric | Official Q3 2026 Reserve Attestation (BDO) | CEO Paolo Ardoino’s Plan ₿ Statement | Difference |
Bitcoin (BTC) | ~100,060 BTC | ~150,000 BTC | +~50,000 BTC |
USD Valuation | $8.37 Billion (at $83,621/BTC) | $11.5+ Billion | +$3.8 Billion |
Role of Assets | Backing USDT stablecoin circulating supply | Corporate holdings & investments | Separately managed |
He added that Tether now serves over 730 million users globally, adding about 30 million new wallets every quarter.
2/ Why Is There a 50,000 BTC Gap?
The difference does not mean Tether is missing backing assets or suddenly bought $3.8 billion worth of Bitcoin in a single day. Instead, it highlights how Tether separates its corporate structure:
The quarterly BDO attestation only lists assets directly set aside to back USDT tokens issued to the public.
Since May 2023, Tether has committed to using up to 15% of its net operating profits to regularly purchase Bitcoin.
The remaining ~50,000 BTC (worth around $3.8 billion) is not in the public reserve report.
These holdings are managed under separate corporate entities like Tether Investments and funded by excess profits rather than user reserves.
In Q3 alone, Tether's backing Bitcoin holdings grew by only 1,130 BTC, but gains in Bitcoin's market price added $2.47 billion in value to their portfolio.
3/ Tether's Overall Financial Health & Market Position
Despite ongoing debates about transparency, Tether's underlying balance sheet remains solid. Total USDT backing reserves reached $191.45 billion, comfortably covering the $183.5 billion in liabilities.
Excess reserves grew to $7.95 billion (nearly double the $4.11 billion reported in Q2). US Treasury bills remain Tether’s largest single backing asset at $132.4 billion.
USDT maintains its dominance as the world's largest stablecoin with $178.5 billion in circulating supply, commanding over 60.7% of the total stablecoin market.
Beyond snapshot attestations by BDO, Tether has initiated a full financial audit with KPMG in 2026 to address long-standing market questions.
🧠 My Analysis: Profits Are Being Converted Into Hard Assets
Tether is essentially acting like a central bank for crypto. They print USDT backed by US Treasuries, earn billions in interest payments, and use those cash profits to buy real Bitcoin.
By holding 150,000 BTC, Tether isn't just backing a stablecoin, they are actively backing the entire Bitcoin ecosystem while becoming one of the most powerful financial entities in digital assets.
🔥 BURNING HOT TAKES FOR THE ROAD
OKX’s CEO Star Xu publicly slammed CZ for secretly controlling Binance while picking fights with Elon Musk on X. Read more
Justin Sun requested sanctions against World Liberty Financial, accusing it of hiding UAE ownership to dodge U.S. court trials. Read more
China’s officials ordered a crackdown on officials using crypto, blockchain, and cross-border capital flows for corruption. Read more
Another mega-hack! Over $106 million was drained from a top European institution in a coordinated multi-exchange attack. Read more
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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.
