Bitcoin surged past $80,000 on Thursday, climbing more than 5% from its election‑night low of $75,600. The rally erased roughly $453.32 million in long liquidations, according to CoinGlass data, and represents the cryptocurrency’s first $80k breakout since the record Binance hack.
What happened
After Democrats captured both chambers of Congress, Bitcoin recovered from a seven‑week low of $75,618 recorded on Wednesday. The price jump lifted the asset to $80,179 in the latest 24‑hour window, a 3.38% rise on the day. The surge coincided with a sharp contraction in crypto‑related long liquidations, which fell to just under $300 million on Wednesday and were fully reversed as the market rallied.
- Bitcoin price: $80,179 (+3.38% 24h)
- Long liquidations reversed: $453.32 million eliminated
- Context: First $80k level since the Binance hack earlier this year
Why it matters for traders
The rapid liquidation reversal suggests that short‑term bearish pressure is easing, potentially opening room for further upside if the political environment stabilises. Traders monitoring the market’s reaction to the Democratic takeover may view the bounce as a sign that policy‑related risk premiums are being priced out. However, the price remains vulnerable to any regulatory signals that could affect the crypto‑friendly stance of the new Congress.
What to watch next
- Legislative actions on crypto regulation, especially any bills targeting stablecoins or exchange oversight.
- Further price movement in Bitcoin relative to the $80k threshold, which could act as a technical support level.
- Volume and liquidation data over the next 48 hours to gauge whether the reversal sustains or if new short‑term pressure emerges.
Sources
- Bitcoin rockets above $80,000 for first time since Binance hack despite Democrats sweep, but a historical crash looms (cryptoslate.com)
- Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress (cointelegraph.com)
This is a developing story and will be updated as new information is confirmed. For information only, not financial advice. How we report.
