Bitcoin has risen after every US midterm since 2010, although previous elections triggered brutal selloffs before the cryptocurrency recovered.
Bitcoin surged more than 5% from its election-night low to reclaim $80,000 for the first time since Binance's record hack.
The cryptocurrency extended its recovery from approximately $75,600 on Wednesday, shaking off concerns that Democrats' takeover of Congress would undermine President Donald Trump's crypto-friendly agenda.
According to CoinGlass data, this rally liquidated $453.32 million in the past hour, with most of the losses coming from short traders. These losses reach $913.34 million over the past 24 hours.
CoinGlass heatmap screenshot supplied Nov. 4, 2026. Only tiles with a readable dollar value are included; smaller coins are omitted. 'Other' is the heatmap's labeled group, not a calculated remainder. BTC liquidations were 96.3% short and ETH 57.6% short. Values are rounded liquidated position amounts, not traders' net losses. Snapshot time was not shown.
The rally comes less than a week after Binance suffered a $6.34 billion security breach that sent shockwaves through the digital asset market, triggering withdrawals and intensifying an already difficult period for Bitcoin investors.
James Butterfill, head of research at CoinShares, told CryptoSlate that the Democratic sweep had largely been priced into Bitcoin before the election, creating room for a relief rally as political uncertainty dissipated.
His assessment reflects a growing distinction between the potential consequences of divided government for the wider crypto industry and Bitcoin itself.
Butterfill expects Democratic control to complicate efforts to advance the CLARITY Act , while potential investigations into Trump-linked cryptocurrency businesses could divert political attention from regulatory reform.
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