Bitcoin rockets above $80,000 for first time since Binance hack despite Democrats sweep, but a historical crash looms
Bitcoin rebounded more than 5% from its election-night low, climbing above $80,000 as reduced political uncertainty, a weaker dollar and lower Treasury yields supported risk assets. The move triggered roughly $913 million in liquidations over 24 hours, mostly among short sellers. Analysts said US political shifts may complicate crypto legislation but are less directly relevant to Bitcoin, whose price is more influenced by liquidity, yields and ETF flows. Selling pressure appears to be easing, though recent spot Bitcoin ETF withdrawals and weak buyer conviction could limit the recovery. Historical post-midterm gains offer uncertain guidance: past rallies followed steep declines and coincided with Bitcoin’s halving cycle, unlike the market’s recent performance.
