Bitcoin climbed back above $80,000 early on Thursday, recovering from a low near $75,700 when early midterm returns pointed to a Democratic sweep of Congress, CoinDesk reported. The rebound followed a strong day for traditional markets. On Wednesday the Dow rose 3%, the S&P 500 gained nearly 2% and the Nasdaq added more than 1%.
Oil moved sharply. Brent crude fell nearly 9% to about $95 a barrel, and the 10-year Treasury yield slipped below 4.9%. President Donald Trump acknowledged that the Iran war played a role in his party’s defeat, which traders read as raising the odds of a de-escalation.
Other large tokens followed bitcoin higher. Ether rose about 4% to just above $2,400, Solana gained about 4% to roughly $97, and XRP and Zcash each added about 3%. U.S. spot bitcoin exchange-traded funds took in about $75 million on Wednesday and ether funds drew $53 million, according to SoSoValue.
Politics remains a drag on the longer-term outlook. Democrats take control of both chambers in January, and Jeff Mei of BTSE had warned earlier in the week that the party opposes the CLARITY Act, the bill meant to set US crypto market rules. For now, the market is trading the end of election uncertainty, falling oil and a rally in equities rather than the legislative calendar.
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