Bitcoin Rose to $78,400 on Nov. 4 as Nasdaq Futures Turned Higher

Bitcoin (BTC) climbed back to $78,400 after falling to $75,800 during the session, as Nasdaq futures also turned higher following the U.S. midterm elections.

A split in control of Congress was taking shape after the vote. A Democratic-controlled Congress could leave the Clarity Act and other bills to ease crypto regulation stalled. Dollar-related macro liquidity was a larger influence on Bitcoin's pricing than the political shift. That view separated the potential effect of the election on legislation from the forces behind Bitcoin's market move.

Implied volatility for options across major expiries rose about 1 percentage point. Implied volatility is an options-market measure of expected price swings. Options markets remained pessimistic about a significant move before year-end. That caution persisted alongside the rebound in Bitcoin and the move higher in Nasdaq futures.