Bitcoin hits $80.5K as US stocks rally on midterm election results
Summary
Bitcoin rose more than 4% to around $80,000 at Wednesday’s US market open, recovering from a seven-week low as US equities rallied after Democrats made gains in the midterm elections. CoinShares researcher James Butterfill said easing election uncertainty could support a Bitcoin relief rally, though real yields, dollar liquidity and exchange-traded product flows remain more influential. Falling oil prices may also reduce inflation pressure and expectations for rate hikes. WTI crude fell below $93 a barrel, reaching its lowest level since mid-October, as markets reacted to Iran’s response to the election results and reassessed the conflict-related oil risk premium.
