India, Nov. 4 -- Bitcoin briefly fell to its lowest level in six weeks on Wednesday as Democrats won control of both the US Senate and the House of Representatives in the midterm elections. The election result has raised concerns about the future of cryptocurrency regulation in the United States.

The Democratic victory could affect the crypto industry's efforts to push for faster regulation and clearer rules for digital assets. The industry has been seeking laws that would give cryptocurrency companies a stronger legal position and help them expand their businesses, Reuters reported.

Crypto companies have spent more than $300 million on election campaigns during the current and previous election cycles. The money was used to support cry...