Assets that carry President Donald Trump's name fell hard on Wednesday 4 November 2026, the day after Democrats won control of both the House and the Senate in the US midterm elections. The Official Trump (TRUMP) meme coin touched a record low near $1.22, and shares of Trump Media & Technology Group, the owner of Truth Social, fell 24.5% to a record closing low of $4.49. Democrats say they will investigate the Trump family's crypto businesses once they take over congressional committees in January 2027. The wider crypto market went the other way: Bitcoin and Ether rose on the day. On our MT5 feed Bitcoin is at $79,544.16, +1.65% over 24 hours.
What happened
US voters went to the polls on Tuesday 3 November 2026. By Wednesday, Democrats had won majorities in both chambers of Congress. Trump-linked assets, which trade heavily on retail speculation, sold off the same day:
As results came in, Democratic congressman Robert Garcia, who is in line to chair the House Oversight Committee, posted a two-word message on social media: "Lawyer up".
The TRUMP meme coin, launched days before Trump's second inauguration in January 2025, fell to a record low near $1.22. It is now more than 98% below its January 2025 peak. The MELANIA token also hit a record low, around $0.063.
World Liberty Financial's WLFI token, from the Trump family's crypto venture, also touched a record low.
Trump Media & Technology Group (ticker DJT) closed down 24.5% at $4.49, its lowest close on record, from $5.95 a day earlier.
Bitcoin and Ether rose on the day, so the sell-off stayed limited to Trump-branded assets.
Why Democrats' win hits Trump-linked assets
From January 2027, when the new Congress is sworn in, Democrats will chair the committees that can issue subpoenas for documents and testimony. Until now they could only send letters and ask for hearings.
Democrats have said the Trump family's crypto deals will be a target. World Liberty Financial is expected to be among the first, and Democrats have focused on a $500 million Emirati stake in the venture. The White House has said there are no conflicts of interest in the president's business ventures and has called the Democrats' plans part of a long campaign against Trump.
Investigations do not by themselves change the law. Trump can veto bills, and overriding a veto needs a two-thirds majority in both chambers. But oversight hearings and subpoenas can produce headlines at any time, and assets tied to one name are the most exposed to them.
Bitcoin and Ether on our feed
The split between Trump-branded tokens and the rest of crypto is the key point for traders. On our MT5 feed Bitcoin (BTCUSD) is at $79,544.16: +1.65% over 24 hours and +2.66% over five days, in a range between $75,710.55 and $81,152.90.
Ether (ETHUSD) is at $2,378.80, +3.05% over 24 hours and +6.15% over five days.
Bitcoin, Ether and the Nasdaq 100 (USTEC) side by side over the same five days:
What a Democratic Congress means for crypto
- Divided government: from January 2027 any new law needs both a Democratic Congress and a Republican president. Crypto bills that were moving with Republican support will now need Democratic votes.
- Oversight risk: hearings on Trump family businesses can bring scrutiny to the partners and investors that dealt with them.
- Brand risk, not market risk, so far: on 4 November the losses were concentrated in TRUMP, MELANIA, WLFI and Trump Media. Bitcoin and Ether traded on the wider market mood.
Scenarios
- Probes stay narrow: if investigations focus on the Trump family's own ventures, Bitcoin and Ether may keep trading on interest rates, the dollar and risk appetite, while Trump-linked assets stay under pressure.
- Probes widen: if subpoenas reach large exchanges, stablecoin issuers or foreign investors, the wider crypto market may come under pressure on headlines.
- Policy gridlock: if crypto legislation stalls in the new Congress, markets may price a slower path to clear US rules, which could weigh on smaller tokens more than on Bitcoin.
What to watch next
- Trump Media at the Nasdaq open: 17:30 Mecca time on weekdays, now that US clocks have moved back to winter time. Its close is at 00:00 Mecca time.
- Committee chairs: who leads the House Oversight Committee and the Senate panels, and which investigations they name first.
- Statements from the White House and from World Liberty Financial and Trump Media on the planned probes.
- Early January 2027: the new Congress is sworn in and subpoena power passes to Democrats.
- Bitcoin around $81,152.90 and $75,710.55: the 5-day high and low on our feed.
Trading crypto and US indices at TNFX
Bitcoin (BTCUSD), Ether (ETHUSD) and the Nasdaq 100 (USTEC) are available as CFDs on MT4 and MT5, long or short. Crypto trades through the weekend and can move sharply on political headlines, so use stop-losses and size positions for the risk.
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Common questions
Why did the TRUMP coin fall to a record low?
It fell after Democrats won control of both the House and the Senate in the 3 November 2026 midterms. Democrats say they will investigate the Trump family's crypto businesses from January 2027. The coin touched a record low near $1.22 on 4 November.
How far is the TRUMP coin below its peak?
More than 98%. It peaked in January 2025, days after its launch before Trump's second inauguration.
Why did Trump Media stock crash?
Trump Media & Technology Group (DJT), the owner of Truth Social, fell 24.5% on 4 November to a record closing low of $4.49, as investors priced in congressional oversight of businesses linked to the president.
Will Democrats investigate Trump's crypto business?
Democrats have said they will. The incoming House Oversight chair, Robert Garcia, signalled probes, and World Liberty Financial and a $500 million Emirati stake in it are expected to be early targets. The White House says there are no conflicts of interest.
When can Democrats issue subpoenas?
When the new Congress is sworn in, in early January 2027. From then Democratic committee chairs can compel documents and testimony.
Did Bitcoin fall after the midterms?
No. Bitcoin and Ether rose on 4 November while Trump-branded tokens fell. On the TNFX MT5 feed Bitcoin is at $79,544.16, +1.65% over 24 hours.