Bitcoin Above $80,000 Buoyed by Investor Optimism After Midterms
By Joseph WilkinsBitcoin held above $80,000 on Thursday, supported by a return of investor optimism after a historic Democratic sweep of Congress in the U.S. midterm elections.The flagship cryptocurrency was 0.4% higher at $80,520, continuing to recover after enjoying its best day since Sept. 21 on Wednesday. Bitcoin had initially sold off as the first election results came in, but staged a recovery alongside U.S. stocks, further fueled by tumbling oil prices.Regulation is the point of contention for the crypto industry under the Democrats. The blue victory could spur a negative reaction on perceptions of tougher or slower digital-asset regulation, crypto analysts said.Over the longer term, the industry will have to adjust to a Democratic Congress, though it is worth noting that bitcoin is now far more embedded in the traditional financial system than in past cycles, Glassnode analysts said. Banks, asset managers and ETFs are invested, making a change in Washington less of a threat than it would have been a few years ago, they added.Investors will look to nonfarm payrolls data for October published Friday for clues on the interest-rates picture.Ether was broadly flat at $2,419.53 after gaining almost 5% on Wednesday.Write to Joseph Wilkins at [email protected]