Bitcoin rockets above $80,000 for first time since Binance hack despite Democrats sweep, but a historical crash looms

Bitcoin rose more than 5 percent from its election-night low to reclaim $80,000, the first time the cryptocurrency had reached that level since Binance's record hack. The move extended a recovery from approximately $75,600 on Wednesday and shook off concerns that Democrats' takeover of Congress would undermine President Donald Trump's crypto-friendly agenda. CoinGlass data showed the rally liquidated $453.32 million. Bitcoin is a cryptocurrency, and $80,000 is a price level.