Bitcoin price surpassed $80,000 on Wednesday, trading near $80,700. This represents a 4.4% increase over a 24-hour period. Earlier in the day, the cryptocurrency dropped to approximately $75,700, followed by traders placing $420 million in bullish bets.
Simultaneously, US crude oil benchmark West Texas Intermediate fell to about $93.54 per barrel. This marks a 12% decline from the peak of $106.2 recorded last Friday, reaching a three-week low. Market reactions follow the results of the US midterm elections where Democrats secured control of Congress.
Analysts note that supply disruption risks near the Strait of Hormuz persist, as US forces conducted strikes on missile sites on Qeshm Island this week. Future price movements for both oil and Bitcoin remain subject to ongoing diplomatic talks mediated by Qatar and the status of the remaining 68 uncalled House seats.
