Bitcoin Returns to $80,000 as Democrats Win Congress and Oil Falls

Bitcoin climbed back above $80,000 on Wednesday after Democrats won control of Congress and US stocks rallied. BTC reached about $80,500 at the Wall Street open, up over 4% from a seven-week low below $76,000. S&P 500 futures rebounded from 7,490 to 7,690. Two forces drove the rebound. Election uncertainty cleared, and oil fell on hopes that the US-Iran war may wind down. WTI crude dropped below $93 per barrel, its lowest level since mid-October. President Donald Trump conceded that the Iran war partly caused Republican losses.