Bitcoin Price Taps $81K After Midterms—But Analysts Warn a Trap Is Set

Bitcoin rebounded from an intraday low of $75,618 to surge past $81,000 for the first time since Oct. 29, climbing nearly 4% on the day to bring its market cap near $1.62 trillion . Bitcoin experienced extreme volatility Wednesday, rebounding from a multi-week low to breach $81,000 for the first time since Oct. 29. The price surge came despite U.S. midterm election results leaving Congress with fewer pro-crypto lawmakers, signaling a potentially tougher regulatory landscape for the digital asset industry. Bitstamp data shows that hours before the rally, the price of bitcoin fell from near $78,000 to an intraday low of $75,618 shortly before midnight. However, the cryptocurrency reversed course as early returns signaled Democrats might secure control of both houses of Congress.

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