Bitcoin rockets above $80,000 for first time since Binance hack despite Democrats sweep, but a historical crash looms

Bitcoin surged more than 5% from its election-night low to reclaim $80,000 for the first time since Binance's record hack. The cryptocurrency extended its recovery from approximately $75,600 on Wednesday, shaking off concerns that Democrats' takeover of Congress would undermine President Donald Trump's crypto-friendly agenda. According to CoinGlass data, this rally liquidated $453.32 million in the past hour , with most of the losses coming from short traders. These losses reach $913.34 million over the past 24 hours. The rally comes less than a week after Binance suffered a $6.34 billion security breach that sent shockwaves through the digital asset market, triggering withdrawals and intensifying an already difficult period for Bitcoin investors.

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