Bitcoin Dips Below $76,000 to a Seven-Week Low, Then Rebounds Toward $78,000

Bitcoin fell to $75,618 on Bitstamp on Wednesday, a level last seen on September 16, before rebounding as high as $78,039 within about three hours, according to TradingView data reported by Moneycontrol.

On Binance's USDT market it traded at $75,878.79 at 12:04 p.m. Korea time on Wednesday, down 0.85 percent on the day. Ether fell 0.75 percent to $2,234.22 and XRP slipped 0.06 percent to $1.2475 in the same read.

Analysts linked the dip to fears that a Democratic Congress could slow the Trump administration's crypto-friendly agenda and raise oversight, including uncertainty over the CLARITY Act market-structure bill.

Background pressure was already building before the election: more than $1 billion was pulled from U.S.-listed spot Bitcoin ETFs over Friday and Monday, October 30 and November 2, and Bitcoin was already down about 5 to 6 percent from its peak the previous Thursday.

By 6:35 a.m. London time on Wednesday, Bitcoin traded around $77,900, roughly flat on the day, as the initial sell-off eased.