Bitcoin Climbs Above $80,500 as U.S. Futures Rebound After Midterms

Bitcoin (BTC) pushed above $80,500 in Wednesday's U.S. session as investors absorbed Democratic gains in the midterm elections, with stock futures rebounding and oil prices sliding. BTC rose more than 4% after recovering from a seven-week low, moving back above $80,000 early in the U.S. stock session. U.S. equity futures weakened overnight before turning higher Wednesday. S&P 500 futures climbed to 7,690 after touching 7,490, their lowest level since July 31. The rebound brought the contracts near their month-to-date highs. West Texas Intermediate (WTI), the U.S. oil benchmark, fell below $93 a barrel and was down as much as 11.9% for the week. Brent crude also approached $100, moving toward its first dip below that level since Oct. 7. Democrats flipped seven Senate seats and 25 House seats.

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