Bitcoin Tops $80,000 as Risk Assets Rally After Midterms

Bitcoin rose above $80,000 during Wednesday’s Wall Street open as U.S. stocks and other risk assets advanced after the midterm elections. TradingView data cited in market coverage showed the cryptocurrency gaining more than 4% from lows reached during the preceding seven weeks and moving above $80,500 during the session. The move came as markets reacted to election results that shifted control of Congress toward Democrats. U.S. stock futures recovered after an overnight dip: S&P 500 futures, which had fallen to about 7,490, later rose to roughly 7,690. Those were intraday levels, not closing figures. Bitcoin’s price observations varied with timing. It traded near $80,700 in one Wednesday account and above $80,500 during the Wall Street open in others. On November 5, it was reported near $80,400, after an election-period low around $75,600. These readings describe different observation times rather than consecutive daily closes. CoinShares research head James Butterfill said real yields, dollar liquidity and exchange-traded product flows matter more to Bitcoin than elections. He also said falling oil prices could ease inflation pressure and moderate expectations for...