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Bitcoin hits $80.5K as US stocks rally on midterm election results
Bitcoin climbed toward $80,500 as risk assets rallied on Democrats’ midterm election gains and oil prices fell.
The Bitcoin price climbed back above $80,000 on Wednesday as US crude oil slid to a three-week low after Democrats won control of Congress. Bitcoin (BTC) traded near $80,700, up about 4.4% in 24 hours as of this writing.
West Texas Intermediate (WTI), the US oil benchmark, fell to about $93.54, roughly 12% below last Friday's $106.2 peak, cutting fuel costs for US drivers and businesses. Democrats held 54 Senate seats and 228 House seats on Wednesday morning, according to an Associated Press tally.
Investors hope a Democratic Congress means more US restraint in the eight-month war with Iran, Al-Monitor reported. That war has lifted gas prices and fed US inflation.
President Donald Trump also said on Tuesday that the US had no immediate plans to strike Iran. Meanwhile, Qatar has stepped up mediation. BREAKING: US oil prices crash below $93/barrel as markets react to the Midterm Election results.
Earlier coverage
Reported by CoinTelegraph and beincrypto.com.
Topics: bitcoin, regulation.
