Bitcoin hits $80.5K as US stocks rally on midterm election results — SkimNews
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- Bitcoin returned to $80,000 at Wednesday’s Wall Street open and jumped beyond $80,500 at the start of trading, gaining more than 4% after rebounding from a seven-week low following Democrats’ House and Senate gains.
- S&P 500 futures reversed an overnight dip, rebounding from 7,490, their lowest level since July 31, to 7,690; The Kobeissi Letter called the move a “textbook bear trap” as Democrats flipped seven Senate seats and 25 House seats.
- WTI crude oil fell below $93 per barrel, down as much as 11.9% for the week, as hopes for an end to the U.S.-Iran war sent prices lower; Brent crude approached sub-$100 for the first time since Oct. 7.
- Mohammad Bagher Ghalibaf wrote after the election that voters had “said NO TO WAR” and that “we endorse this message,” adding an anti-war reaction to the Democratic gains.
- Donald Trump conceded that the Iran conflict was partly responsible for Republicans’ election losses; economist Robin Brooks framed the key question as whether he would dial back the war or escalate it.
- James Butterfill, CoinShares’ head of research, said real yields, dollar liquidity and ETP flows still carry more weight than elections for Bitcoin and saw potential for a wider “relief rally” as uncertainty faded; he linked falling oil to relief from inflation pressure and moderating rate-hike expectations.
Why it matters: Democrats’ seven-seat Senate and 25-seat House sweep supplied the immediate catalyst: Bitcoin rose more than 4% above $80,500 as uncertainty faded. CoinShares’ Butterfill saw falling oil as relief for inflation and moderating rate-hike expectations, while Trump conceded the Iran conflict hurt Republicans, leaving de-escalation versus escalation unresolved.
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