Bitcoin Surges Past $80,500 After US Midterm Election Rally

Bitcoin returned to $80,000 at Wednesday’s Wall Street open and traded near $80,405 after Democratic gains in the US midterm elections lifted investor sentiment. The broader risk-on rally pushed Bitcoin above $80,500, while S&P 500 futures rebounded from a three-month low of 7,490 points to approach 7,690. The Kobeissi Letter described the initial decline in US equities as a “textbook bear trap.”

According to TradingView data cited by Cointelegraph, BTC/USD rose more than 4% after reaching its lowest level in seven weeks. The move extended across crypto markets, with Monero, BNB, Stellar, Solana and Hyperliquid also posting gains. Bitcoin exchange-traded product flows, US dollar liquidity and real yields remain key factors for the asset beyond election results.

CoinShares head of research James Butterfill said fading election uncertainty could support a broader Bitcoin relief rally. “For Bitcoin, real yields, dollar liquidity and ETP flows still carry more weight than the elections,” he wrote. Falling oil prices may also ease inflation concerns and moderate expectations for further interest-rate hikes.

Market sentiment was further supported by optimism surrounding the US-Iran conflict, with WTI crude falling below $93 per barrel and declining as much as 11.9% for the week. Iranian parliamentary speaker Mohammad Bagher Ghalibaf said voters had “said NO TO WAR,” helping Brent crude approach below $100 for the first time since October 7.