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Bitcoin Tops $81,000 After Midterm Dip, Squeezing Short Sellers
Bitcoin slid to about $75,600 while the midterm results came in, then climbed past $81,000 on Wednesday, forcing out hundreds of millions of dollars in bets against crypto.
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Bitcoin pushed past $80,000 by Wednesday morning, recovering an election-night drop after Democrats took both congressional chambers in Tuesday's election. Per CoinGecko, it traded near $80,500 at 11:10 a.m. Eastern, a 3.8% gain over the past day, while ether gained 6.3%, reaching roughly $2,437. On Coinbase, bitcoin fell to $75,600 on Tuesday night before reaching $81,130 by Wednesday morning, a 7.3% low-to-high move by Unchained's count. CoinGlass data shows about $950 million of leveraged crypto bets were wiped out over one day, with bets against prices making up $560 million. The vote still shifts policy, since the committees overseeing the industry will hand control to Democrats in January.
Why it matters: The move shows how leveraged short bets were squeezed in crypto markets, and the vote changes which party oversees crypto policy in Congress.
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