Bitcoin Closes at $77409.16 as Asian Stocks Fall and Markets Await U.S. Election Results
Key Facts
Bitcoin recorded a daily close of $77409.16 on November 4, according to EL7 data, as markets watched the U.S. midterm election results amid declines in Asian stocks and U.S. futures. The close gives the end-of-day level but does not identify the currency’s low or its trading path during election night. In broader markets, Asian stocks fell on Wednesday and U.S. futures declined, according to the Associated Press. The dollar fell to 157.76 yen in early trading, from 158.69 yen in the previous session. The moves came as global markets followed the results of the U.S. vote.
The steepest declines were in Japan and South Korea, where the Nikkei 225 lost about 3.6% to 60835.36 points, its lowest level since early May, according to the Associated Press. South Korea’s Kospi fell 3.2% to 5466.83 points. Shares of memory chipmaker SK Hynix fell 3.2%, while Samsung Electronics dropped 1.8%. In Hong Kong, the Hang Seng Index fell 0.2% to 23489.88 points. The Shanghai Composite also declined 0.1% to 3603.83 points, in a session marked by varied losses across regional markets.
Pressure extended to energy markets, with Brent crude falling 0.5% to $103.14 a barrel in early trading on Wednesday, according to the Associated Press. U.S. benchmark crude fell 0.7% to $95.45 a barrel. In the United States, Tuesday’s session diverged across the major indexes: the S&P 500 rose 0.4%, and the Nasdaq Composite gained 0.8%. By contrast, the Dow Jones Industrial Average fell 197 points, or 0.4%. These earlier and ongoing moves present a mixed picture for markets as attention shifts to the election results.
In the currency market, the dollar had risen 0.34% against the yen to 158.46 yen in trading on Tuesday, November 3, before retreating in the following Asian session, according to Reuters via MarketScreener. After preliminary results emerged, Reuters described the immediate reaction as a sell-off in stocks, an exit from the dollar and a move into Treasuries for safety. Currency analyst Carol Kong said the dollar could face further selling if Democrats won a sweep, as that would constrain government spending during the remainder of Trump’s term. This interpretation links the currency move to investors’ expectations about the election result’s implications for fiscal policy. An analyst at OCBC also said the market move was consistent with concerns about increased scrutiny of the artificial intelligence sector if Democrats won broadly, alongside difficulty passing federal legislation given the presidential veto.
U.S. job openings data had supported the dollar ahead of the election, along with higher Treasury yields and stronger economic data, according to Reuters. Job openings increased by 333000 to 7.523 million in September data released on November 3, exceeding the 7.100 million estimate of economists polled by Reuters. In the trading backdrop, Reuters reported that the dollar spot index was near its 2026 high, reached in the previous month. The agency also cited an external political factor markets were watching: the possibility of an escalation in the Middle East conflict. It said a resulting rise in oil prices could support the dollar, adding another factor to monitor alongside the effects of the vote.
Among the upcoming U.S. releases is the government’s jobs report, due Friday, which Reuters described as the final installment in a series of labor-market reports. The agency said the data would help shape expectations for the path of Federal Reserve policy. Election results remain a parallel factor for markets to track, alongside economic data and Treasury yields. Bitcoin’s move on this day is defined here only by the daily closing price recorded by EL7. Comparing that close with any intraday low or rebound remains outside the figures provided.