Bitcoin Rises Above $77,000 as Investor Sentiment Improves Ahead of Midterms — Update
By Joseph WilkinsBitcoin recovered from early losses to rise above $77,000 on Tuesday as investor sentiment improved ahead of the U.S. midterm elections.The bellwether cryptocurrency was 1.1% higher at $77,533 as U.S. citizens went to the polls.Historically, bitcoin sells off after midterms before rebounding, said Nic Puckrin, founder of crypto research platform Coin Bureau. But postelection bounces are usually driven by the removal of political uncertainty and traders remain worried about a possible re-escalation in the Middle East, he added.Bitcoin also remains under pressure from relatively weak spot demand and worries around U.S. tech stock valuations in the aftermath of the $6.3 billion Binance hack late last week. Bitcoin ETFs, including the iShares Bitcoin Trust ETF, saw a net $643 million in daily outflows on Friday, following news of the hack."What happens next in equities is therefore likely to set bitcoin's range this week," analysts at crypto exchange Bitfinex said.Ether traded 1.6% higher at $2,292.13.Write to Joseph Wilkins at [email protected]