Bitcoin and gold surge after US elections, but $378 million short squeeze casts doubt on debasement trade

Bitcoin climbed past $81,000 alongside gold, a move that renewed talk of investors hedging against a softer US dollar, after the largest cryptocurrency bounced back from roughly $75,600 on Nov. 4 and gold futures gained 3.4% to $4,061.10, their largest one-day rise in three months, while the dollar slipped as investors absorbed a sweeping Democratic victory.