CoinDesk
Bitcoin climbed back above $80,000 early Thursday after falling to about $75,700 a day earlier as early midterm returns unsettled markets. The rebound followed Democrats taking control of both chambers of Congress, while U.S. spot Bitcoin ETFs recorded about $75 million in inflows and Ether ETFs drew $53 million on Wednesday.
Why it matters
The move paired a broad risk-asset rally with a shift in expectations around the Iran conflict. The Dow jumped 3% on Wednesday, the S&P 500 gained nearly 2% and the Nasdaq Composite rose more than 1%. Brent crude fell nearly 9% to about $95 a barrel, while the 10-year Treasury yield slipped below 4.9%.
BTSE chief operating officer Jeff Mei had said a Democratic majority could push toward an earlier end to the Iran conflict, potentially easing pressure from oil and inflation and supporting stocks and crypto. President Donald Trump acknowledged that the war played a role in his party’s defeat.
Market impact
The rebound extended beyond Bitcoin. Ether rose 4% to just above $2,400, SOL gained nearly 4% to about $97, XRP and ZEC each added 3%, and BNB climbed 2% to above $700. TRX slipped 1%, making it the only major in the red in the figures cited.
The political shift also carries a policy complication for crypto: Democrats oppose the CLARITY Act, which would establish rules for U.S. crypto markets. They take control of both chambers in January, leaving investors to weigh supportive macro signals against uncertainty over the bill.
Frequently asked questions
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How far did Bitcoin fall before recovering above $80,000?
Bitcoin dropped to about $75,700 after early midterm returns unsettled markets, then climbed back above $80,000 early Thursday.
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What happened to U.S. spot crypto ETF flows on Wednesday?
U.S. spot Bitcoin ETFs recorded about $75 million in inflows, while Ether ETFs drew $53 million.
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How did oil and Treasury yields move during the market rally?
Brent crude fell nearly 9% to about $95 a barrel, and the 10-year Treasury yield slipped below 4.9%.
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Which major crypto assets rose alongside Bitcoin?
Ether gained 4% to just above $2,400. SOL rose nearly 4% to about $97, XRP and ZEC each added 3%, and BNB gained 2% to above $700.
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What is the potential regulatory counterpoint to the market rally?
Democrats oppose the CLARITY Act, a bill that would set rules for U.S. crypto markets. They are set to take control of both chambers in January.
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