Bitcoin jumps to $80,500 as stocks rally, oil falls after US midterm elections

Bitcoin surged back to $80,000 during Wednesday’s Wall Street opening session, reflecting renewed investor optimism as US equities made strong gains following a decisive Democratic performance in the midterm elections. Bitcoin surpassed $80,500 as trading began in New York, marking a rapid reversal from its lowest levels in seven weeks. Market analysts attributed the bullish momentum to broader risk-on sentiment sparked by the US midterm election results. The S&P 500 futures market also saw a significant recovery, bouncing from a three-month low of 7,490 points to nearly 7,690 points. Market commentary from The Kobeissi Letter, a widely followed trading insights provider, described the sharp move in equities as a “textbook bear trap.” Amid this backdrop, sentiment improved for risk assets like Bitcoin, with price momentum aligning closely with gains in…

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