Bitcoin fell to a six-week low on Wednesday, trading around $78,070 at 0715 GMT, as Democrats won control of both the US Senate and House of Representatives.
The election outcome raised regulatory concerns for the crypto industry, which spent over $300 million on election campaigns to support crypto-friendly candidates.
The broader cryptocurrency market has lost around $300 billion in value over the past month, impacted by declining sentiment, rising borrowing costs, and a recent $6 billion hack of Binance.