Crypto News: Bitcoin Tops $80.5K as Midterms Pressure CLARITY Bill

Bitcoin climbed above $80,500 at Wednesday’s Wall Street open, gaining more than 4% after rebounding from its lowest level in seven weeks, according to TradingView. CoinGlass data showed that an earlier price dip liquidated late Bitcoin longs below $76,000, while a wall of sell orders near $78,000 initially constrained the recovery. Total crypto long liquidations reached $288 million over the previous 24 hours.

The broader risk-on move followed gains in US stock futures after the midterm elections. S&P 500 futures fell as low as 7,490 points before rising to 7,690, approaching a new month-to-date high. CoinShares research head James Butterfill said the fading election uncertainty could support a wider Bitcoin relief rally.

Democrats won control of both chambers of Congress, raising uncertainty around the CLARITY Act and the broader direction of US crypto policy. According to an Associated Press tally, Democrats held 228 House seats compared with Republicans’ 139, with 68 races still uncalled, while the Senate stood at 54 seats for Democrats and 44 for Republicans. CertiK’s head of US government affairs, Stefan Muehlbauer, said the CLARITY Act was likely dead and predicted that Senator Elizabeth Warren and Representative Maxine Waters could lead the Senate Banking Committee and House Financial Services Committee, respectively.

On the security front, blockchain investigator ZachXBT identified French banking group Crédit Mutuel Arkéa as the alleged victim of a crypto theft exceeding $133 million. The report adds to scrutiny of digital-asset security as Bitcoin and the broader crypto market rallied on election-driven optimism.