Bitcoin Tops $80.5K as Midterm Results and $133M Theft Shape Crypto

Bitcoin returned above $80,000 at Wednesday’s Wall Street open, with the BTC/USD price up more than 4% according to TradingView. The cryptocurrency rebounded from a seven-week low as U.S. stock futures surged following the midterm election results. CoinGlass reported that the earlier Bitcoin price dip triggered the liquidation of long positions below $76,000, while a wall of sell orders near $78,000 limited upside. Total crypto long liquidations reached $288 million over the previous 24 hours.

U.S. stocks also rallied, with S&P 500 futures rebounding from 7,490 to 7,690 points and approaching new monthly highs. CoinShares research head James Butterfill said Bitcoin could be poised for a wider relief rally as uncertainty surrounding the election faded. The broader crypto market remained volatile despite the positive momentum, with market participants watching resistance levels and positioning data for signs of a sustained Bitcoin price recovery.

Democrats secured control of both chambers of Congress, giving the party greater influence over cryptocurrency legislation and oversight of the Trump administration. According to the Associated Press tally cited in the report, Democrats held 228 House seats compared with 139 for Republicans, with 68 races still unresolved; the Senate count stood at 54 Democrats to 44 Republicans. CertiK’s head of U.S. government affairs, Stefan Muehlbauer, said the result could effectively kill the CLARITY Act, a proposed crypto market-structure bill, and predicted that Senator Elizabeth Warren and Representative Maxine Waters could lead the committees overseeing digital assets.

In separate blockchain security news, on-chain investigator ZachXBT identified French banking group Crédit Mutuel Arkéa as the alleged victim of a cryptocurrency theft exceeding $133 million. The disclosure comes as regulators and law enforcement continue to examine how stolen crypto is moved and laundered through on-chain infrastructure, highlighting the persistent cybersecurity risks facing financial institutions and digital asset platforms.