Bitcoin Tops $80,500 After Democratic Midterm Sweep — SkimNews
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- Bitcoin rose more than 4% to above $80,500 at Wednesday’s Wall Street open, rebounding from its lowest level in seven weeks after Democrats’ midterm gains.
- S&P 500 futures rebounded from 7,490 points, their lowest since July 31, to 7,690 and approached a new month-to-date high; The Kobeissi Letter called the initial weakness a “textbook bear trap.”
- Democrats flipped seven Senate seats and 25 House seats, a result The Kobeissi Letter described as one of the largest shifts in U.S. political power in nearly two decades.
- WTI crude fell below $93 per barrel and as much as 11.9% for the week, while Brent approached sub-$100 for the first time since Oct. 7, as hopes for ending the U.S.-Iran war grew.
- Mohammad Bagher Ghalibaf, Iran’s speaker of parliament, wrote that voters had “said NO TO WAR” and endorsed that message following the Democrats’ gains.
- Trump conceded that the Iran conflict was partly responsible for Republicans’ election losses, while Robin Brooks said oil markets had priced in a risk premium “too high” before the midterms.
- CoinShares’ James Butterfill said real yields, dollar liquidity and ETP flows carried more weight than elections for Bitcoin, while the oil drop relieved some inflationary pressure and rate-hike expectations could moderate.
Why it matters: Bitcoin holders saw BTC gain more than 4% above $80,500, while WTI below $93 relieved inflationary pressure. The unresolved material question is Trump’s next move on Iran: Robin Brooks framed the choice as de-escalation or escalation, with oil markets previously carrying a risk premium he called “too high.”
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