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.