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Bitcoin recovered to about $78,300 after falling to around $75,600 early Wednesday, Nov. 4, while ether and DeFi-linked tokens also advanced. The CoinDesk DeFi Select Index rose about 5%, but the CoinMarketCap fear and greed index remained in fear territory at 37. Traders were watching Friday’s U.S. jobs report.
Bitcoin recovered to about $78,300 early Wednesday, Nov. 4, after dipping to around $75,600, while DeFi tokens led a broader crypto rebound. CoinDesk reported the move as markets responded to U.S. midterm results and fresh questions about crypto legislation; investor sentiment remained cautious despite the price gains.
Bitcoin rose about 1.3% since midnight UTC, according to the CoinDesk report, after reaching its early-session low near 03:00 UTC. Ether gained about 2%, and the CoinDesk 80 Index, which tracks a group of digital assets, advanced 2.3%. These are reported moves over the stated period, not longer-term performance figures.
The strongest sector reading came from the CoinDesk DeFi Select Index, which climbed about 5%. All seven of its constituent assets were higher, with Injective rising 6.2% and Ethena also among the leaders. Venice token, associated with the AI platform Venice, topped CoinDesk 100 gainers at about 7% since midnight UTC and was up around 17% over 24 hours, the report said.
Gains were uneven across the market. Zcash rose about 5% on the day and 12% over 24 hours, while Near gained roughly 7%. By contrast, the official Trump token fell 7.1% and World Liberty Financial lost 5%. The report also cited Trump Media shares down 6.5% in premarket trading, but those simultaneous moves do not establish that the election results caused the asset declines.
DeFi Outperforms in the Rebound
The market’s recovery matters because it followed a sharp intraday decline and spread beyond bitcoin to ether and a number of altcoins. DeFi’s roughly 5% advance exceeded bitcoin’s reported 1.3% gain, indicating that the rebound was not limited to the largest cryptocurrency. The figures describe one trading session and do not establish a sustained change in market direction.
Market positioning offered a mixed picture. Across crypto futures, trading volume rose 27% over 24 hours, while open interest—the value of outstanding contracts—rose 3%. CoinDesk’s interpretation was that activity mainly reflected traders entering and exiting positions, with a more modest increase in new exposure. Liquidations rose 22% to $469 million, a sign of substantial forced position closures during the period.
Sentiment gauges also tempered the price gains. The CoinMarketCap fear and greed index stood at 37, within its fear range, while its altcoin season index was 51. Those readings are indicators, not direct measures of all investors’ views, and they do not determine where prices will move next.
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Election Results and Market Timing
The early bitcoin dip coincided with U.S. midterm results showing Democrats winning control of Congress, according to the source report. The report linked that timing to renewed questions about the prospects for crypto legislation, but it did not establish that the results or legislative uncertainty alone caused the price move. Other market factors may also have affected trading.
U.S. stock futures had turned positive early Wednesday after earlier losses. Meanwhile, short-dated options signals eased from their early spike: bitcoin’s one-week implied volatility fell from about 41% to about 34%, and the premium for put options over calls retreated from a peak near 19% to around its earlier level. Those readings point to lower near-term options-market demand for downside protection than during the dip, not to an absence of risk.
The next scheduled market focus cited in the report was Friday’s U.S. jobs report. Economic data can influence expectations about the economy and financial conditions, but the source did not predict how the figures would affect crypto prices.
“The CoinDesk DeFi Select Index (DFX) was the strongest performer, rising by around 5%.”
— CoinDesk market report, Nov. 4, 2026
Rebound’s Staying Power Remains Unknown
The available report captures a specific period early Wednesday; it does not show whether the rebound continued later in the day or over subsequent sessions. It also does not establish the cause of the decline or recovery. The timing of the initial dip alongside the midterm results and renewed legislative questions is reported, but a direct causal link remains unconfirmed.
Derivatives indicators were mixed rather than uniformly supportive. Bitcoin open interest rose 1.6% against a 2.1% price gain, while ether open interest increased 4.2% alongside a 2.7% price gain. Near’s open interest barely moved despite its price advance, while Zcash open interest rose 25% as its price gained 14%. These figures describe market positioning, but cannot show whether the moves will persist. The report also noted mixed cumulative volume delta readings, a measure of market-order buying and selling.
It is not clear from the source how crypto markets will respond to the jobs data, what specific legislative developments may follow the election, or whether the reported gains reflect lasting changes in investor demand. Crypto assets remain volatile, and their prices can fall as well as rise.
Friday Jobs Data in Focus
Traders were looking ahead to the U.S. jobs report due Friday, which CoinDesk identified as the next near-term focus. The report did not give a release time, forecast, or expected market reaction. Subsequent price data will show whether bitcoin held its recovery and whether DeFi tokens maintained their relative strength.
Investors and readers will also be watching for further information about the political and legislative outlook after the midterm results. The source report offered no confirmed policy changes or legislative timetable. Until more data arrives, the rebound remains a short-term market development rather than evidence of a settled trend.
Key Questions
How far did bitcoin recover?
CoinDesk reported that bitcoin rose about 1.3% since midnight UTC to around $78,300 after dipping to approximately $75,600 near 03:00 UTC on Wednesday, Nov. 4, 2026.
Which part of the crypto market led gains?
The CoinDesk DeFi Select Index rose about 5%, making it the strongest-performing index cited in the report. Injective gained 6.2%, and Venice token led CoinDesk 100 gainers at roughly 7% since midnight UTC.
Did the midterm results cause the bitcoin dip?
The report said the dip coincided with results showing Democrats winning control of Congress and fresh questions about crypto legislation. It did not establish that the election results caused the move.
Why were traders watching Friday?
CoinDesk identified Friday’s U.S. jobs report as the next market focus. The report did not state what the data would show or predict its effect on crypto prices.
Does the rebound mean crypto prices will keep rising?
No. The report describes price moves over a limited period, while sentiment remained cautious and derivatives signals were mixed. Crypto assets are volatile, and investors can lose some or all of the money they put at risk.
Source: coindesk.com
