Bitcoin rebounds to $80,500 after election dip, $950 million liquidated in 24 hours

Bitcoin climbed back above $80,000 by Wednesday morning, erasing losses triggered by the previous evening’s election results, which saw Democrats gain control of both chambers of Congress. At 11:10 a.m. ET, bitcoin traded at approximately $80,500, marking a 3.8% increase within the past 24 hours, according to CoinGecko data. Bitcoin experienced significant swings in the hours after polls closed. On Coinbase, its price dropped to a low of $75,600 during the 10 p.m. ET hour on Tuesday. This figure reflected a 2.8% decline from where it had stood at 6 p.m. ET. However, by 10 a.m. ET Wednesday, bitcoin touched $81,130, amounting to a 7.3% surge from its overnight low. Ether also rallied, gaining 6.3% over the past day to trade near $2,437, according to the same data provider.

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