Bitcoin Reclaims $80,000 as Oil Price Drops Sharply

Bitcoin rose back above $80,000 on Wednesday, trading near $80,700 and up about 4.4% over 24 hours, while West Texas Intermediate, the U.S. oil benchmark, fell to about $93.54, a three-week low. The oil drop came after Democrats won control of Congress, with an Associated Press tally showing 54 Senate seats and 228 House seats on Wednesday morning. Investors hoped a Democratic Congress would mean more U.S. restraint in the eight-month war with Iran, which had raised gas prices and fed U.S. inflation, and President Donald Trump said Tuesday that the U.S. had no immediate plans to strike Iran. Before Bitcoin's push past $80,000, it had fallen to about $75,700 as traders placed $420 million in bullish bets.