Bitcoin climbs back above $80,000 after Democratic midterm sweep

Bitcoin climbed back above $80,000 as risk assets rallied after Democrats won control of Congress in the US midterms. The move reversed an overnight dip and lifted every major coin, with Ether leading the large caps.

Bitcoin

Bitcoin traded at $80,419 at 17:12 UTC, up 3.49% over 24 hours, according to CoinGecko data. That leaves it almost unchanged on the week, up just 0.02% over seven days. The 24-hour range ran from $75,695 to $81,004, and spot volume came to $37.8 billion.

Cointelegraph reports that Bitcoin climbed toward $80,500 as risk assets rallied on Democrats' gains and oil prices fell. CoinDesk's live coverage described Bitcoin and stocks reversing an overnight plunge, with AI data center stocks the biggest losers. CoinDesk also notes the recovery came after a dip to around $75,600, with DeFi tokens leading gains and Trump-linked coins falling. Chart: BTC/USD on TradingView.

Ether and the majors

Ether rose 5.62% to $2,426.33 and is the only large cap with a clear weekly gain. Its 24-hour range was $2,226.51 to $2,442.86. Chart: ETH/USD on TradingView.

BNB and Solana remain down more than 4% on the week, a reminder of the Binance hack that hit the market last week.

Market breadth and sentiment

Total crypto market capitalisation stands at $2.71 trillion, up 0.49% in 24 hours per CoinGecko. Bitcoin dominance is 59.5% and Ether dominance 10.9%.

The Crypto Fear & Greed Index reads 34, still in Fear but up from 26 a day earlier. It has stayed in Fear since 30 October, after sitting at a neutral 51 on 28 and 29 October.

News drivers

Politics. Experts told Decrypt the Democratic sweep was largely priced in but makes the road harder for crypto policy. CoinDesk reports that industry experts see the Clarity Act as likely dead in its current form, as incoming majorities eye tighter scrutiny of crypto markets and tokenized stocks. The dollar also firmed as votes were counted, as our sister site covered in this look at currency moves around the midterms.

ETF flows. Bitcoin ETFs lost $1.16 billion, according to Cointelegraph. Bitwise's André Dragosch called the selling short-term and said institutions have largely kept their exposure.

Binance hack. CoinDesk reports that North Korea's TraderTraitor is routing hack proceeds through THORChain, and RUNE jumped 10%. Cointelegraph says the attackers have moved 81% of the stolen SOL. Grayscale's Zach Pandl told Cointelegraph the hack may be a temporary setback.

Corporate. Circle beat earnings expectations but cut 5% of its workforce, CoinDesk reports. Decrypt reports that Morgan Stanley has tokenized US equities and Treasuries through the new DTCC Tokenization Service.

What to watch next

• Clarity Act: whether the bill survives in any form under the new Congress, per CoinDesk.
• Alaska: Decrypt notes the race there could still flip.
• Hack funds: further laundering of Binance proceeds through THORChain.
• France: a reporting rule for self-custodied crypto worth 100,000 euros or more still needs to survive the budget process, Cointelegraph reports.
• 10 December: a hearing on Justin Sun's sanctions motion against World Liberty, per Cointelegraph.