Bitcoin back above $80,000: +5% in a day, ether +7%
In short
- Bitcoin is back above $80,000 after the US midterms: Cointelegraph put it at $80,599 (+3.8%) as Wall Street opened on 4 November.
- At 06:41 a.m. Bitcoin is $80,542: +5.0% in 24 hours but only +0.8% over a week. Ether: +7.4% on the day.
- The Dow closed up 3.0% and US crude fell more than 8% to $88.12 a barrel.
At 06:41 a.m. Sofia time Bitcoin is $80,542, up 5.0% in 24 hours after a seven-week low before the election. Over the whole week, though, the gain is just 0.8%.
What happened
On Wednesday 4 November, as Wall Street opened, Bitcoin rose above $80,500. Cointelegraph’s ticker showed $80,599, up 3.8% on the day, and TradingView data showed a gain of more than 4%. The coin bounced off a seven-week low.
The move came with stocks. Democrats won control of Congress, the Dow Jones rose 1,569 points (+3.03%) to 53,356, the S&P 500 added 1.58% and the Nasdaq 1.44%. US crude fell more than 8% to $88.12 a barrel, StockTitan reports, citing CNBC.
Not everyone credits the election. James Butterfill, head of research at CoinShares, says real yields, dollar liquidity and ETP flows “still carry more weight than the elections”. He sees room for a wider relief rally as election uncertainty fades.
HawkValue data at 06:41 a.m.: ether is ,427 (+7.4% in 24 hours, +5.0% in a week), while Solana is +5.4% and XRP +3.7% on the day.
What it means for you
The maths: $1,000 buys 0.0124 BTC at $80,542. If you held $1,000 in Bitcoin 24 hours ago, it is worth about $1,050 today. A week ago: about $1,008. The gap shows how fast a one-day jump can fade, or stay on paper only.
Friday is the next test. US jobs data for October is due on 6 November at 15:30 Sofia time. Barclays economist Marc Giannoni expects about 50,000 new jobs and says such a result would keep a Fed hike in play for December.
See also: live crypto prices and stock prices.
Bottom line
Bitcoin is above $80,000, but the weekly gain is under 1%. Friday’s jobs data will show whether markets keep their calmer view of interest rates.
Sources: Cointelegraph · StockTitan (CNBC) · Kiplinger · HawkValue data at 06:41 a.m.
For information only. This is not investment advice.
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