Bitcoin Climbs Above $80,500 as U.S. Futures Rebound After Midterms

Bitcoin (BTC) pushed above $80,500 in Wednesday's U.S. session as investors absorbed Democratic gains in the midterm elections, with stock futures rebounding and oil prices sliding.

BTC rose more than 4% after recovering from a seven-week low, moving back above $80,000 early in the U.S. stock session. U.S. equity futures weakened overnight before turning higher Wednesday. S&P 500 futures climbed to 7,690 after touching 7,490, their lowest level since July 31. The rebound brought the contracts near their month-to-date highs.

West Texas Intermediate (WTI), the U.S. oil benchmark, fell below $93 a barrel and was down as much as 11.9% for the week. Brent crude also approached $100, moving toward its first dip below that level since Oct. 7.

Democrats flipped seven Senate seats and 25 House seats. President Donald Trump acknowledged earlier Wednesday that the Iran conflict contributed in part to Republican election losses.