Bitcoin stages V-shaped rebound above $78,000 after midterm election plunge
Bitcoin rebounded past $78,000 on Wednesday, erasing an overnight drop below $76,000 that triggered heavy leveraged liquidations as markets reacted to a Democratic sweep in the U.S. midterm elections.
Bitcoin tumbled below $76,000 early Wednesday, touching a low of $75,618 as election projections showed Democrats securing control of both chambers of Congress. The initial selloff rattled broader financial markets, sending stock futures and the dollar lower while sparking sharp declines across major cryptocurrencies, including Ethereum slipping below $2,300.[7][8][12][10]
The slide accelerated as derivative markets flushed out leverage. Nearly $250 million in leveraged crypto positions were liquidated in a four-hour window, according to Coin Bureau, while Analytics Insight reported total cryptocurrency liquidations reaching roughly $657 million alongside three consecutive days of U.S. spot Bitcoin ETF outflows exceeding $1.06 billion.[6][5][4]
The downturn proved short-lived as Bitcoin staged a swift V-shaped recovery back toward $78,300 once election uncertainty cleared, CoinDesk reported. As broader risk assets and equities also reversed their overnight plunges, decentralized finance tokens led the crypto market's rebound, while Trump-linked tokens declined.[2][3][11][1]
Key facts
- Bitcoin dropped to a seven-week low of $75,618 as early U.S. midterm election returns indicated a Democratic sweep of Congress.
- Nearly $250 million in leveraged crypto positions were wiped out within four hours during the drop below $76,000, per Coin Bureau.
- U.S. spot Bitcoin ETFs registered more than $1.06 billion in net outflows across three recent trading sessions.
- Bitcoin executed a V-shaped comeback to over $78,260, erasing its overnight midterm losses.
- DeFi tokens led market gains during the recovery, while Trump-linked tokens moved lower.
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- CB
Crypto Banter@crypto_banterPost on X 路
馃毃BITCOIN RECOVERS FROM OVERNIGHT DIP AFTER MIDTERMS, BACK ABOVE $78,000! bitcoin:native as erased much of its overnight decline and is trading near $78,260 after falling toward the $75,700-$76,000 area earlier. The bounce comes as U.S. midterm results settled and broader risk assets also reversed higher following the election outcome.
Open source - CO
CoindeskArticle 路
Bitcoin rises to $78,300 in V-shaped comeback as midterm election uncertainty fades Crypto prices reversed overnight losses following the Blue Wave landslide for the Democratic Party.
Open source - CO
CoindeskArticle 路
Live updates: Bitcoin and stocks post big gains, reversing overnight plunge following Blue Wave landslide The biggest losers, so far, are the AI data center stocks following victories for several candidates who campaigned expressly against the sector.
Open source - CR
CryptoSlateArticle 路
Bitcoin rebounds after Democratic sweep despite three days of ETF outflows Ryan Kirkley sees a year-end rebound even under Democratic control, while fund withdrawals and overhead supply keep the outlook conditional. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - AI
Analytics Insight@analyticsinmePost on X 路
饾悂饾悽饾惌饾悳饾惃饾悽饾惂 饾悈饾悮饾惀饾惀饾惉 饾悂饾悶饾惀饾惃饾惏 饾悢饾悞饾悆 饾煏饾煍,饾煄饾煄饾煄 饾悮饾惉 饾悢饾悞 饾悓饾悽饾悵饾惌饾悶饾惈饾惁 饾悜饾悶饾惉饾惍饾惀饾惌饾惉 饾悞饾悺饾悮饾悿饾悶 饾悅饾惈饾惒饾惄饾惌饾惃 饾悓饾悮饾惈饾悿饾悶饾惌饾惉 Bitcoin Falls Below USD 76,000 as US Midterm Election Results Shake Crypto Markets! Bitcoin dropped to approximately USD 75,740 before recovering toward USD 77,300 as Democratic gains in the US midterm elections triggered uncertainty across financial markets. Meanwhile, US spot Bitcoin ETFs recorded over USD 1.06 billion in net outflows across three recent trading sessions, while cryptocurrency liquidations reached approximately USD 657 million. NASDAQ 100 futures declined 2%, and the broader crypto market lost 2.9% of its value, falling to around USD 2.58 trillion. With Bitcoin testing support near USD 75,602 and investors monitoring upcoming US economic data, could further selling pressure push BTC toward USD 73,800, or will buyers drive a recovery? #Bitcoin #BitcoinPriceToday #CryptoMarket #BitcoinETF #USMidtermElections #CryptoNews #BitcoinCrash #CryptoLiquidations #Cryptocurrency #analyticsinsight #analyticsinsightmagazine Read More 馃憞 https://t.co/E8z8U5WFTL
Open source - CB
Coin Bureau@coinbureauPost on X 路
馃毃BREAKING: Bitcoin plunges BELOW $76,000 for the first time since September 16. Nearly $250 MILLION in leveraged crypto positions have been liquidated over the past four hours as the selloff intensifies. https://t.co/iQ3i2YanPx
Open source - CT
Coin TelegraphArticle 路
Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress Bitcoin price downside reached a seven-week-low of $75,618 as 24-hour crypto long liquidations neared $300 million.
Open source - CO
CoindeskArticle 路
Bitcoin briefly sinks to $75,700 as bets on a Democratic sweep rattle markets Stock futures and the dollar slid and Treasuries rallied as early U.S. midterm returns pointed to Democrats taking both chambers of Congress.
Open source - CR
Crypto Rover@cryptoroverPost on X 路
Bitcoin is BOUNCING BACK UP, erasing all the losses triggered by the U.S. midterm election results! https://t.co/vBhqKPtmTH
Open source - CR
Crypto Rover@cryptoroverPost on X 路
馃毃 BITCOIN DROPS BELOW $76,000 AS DEMOCRATS ARE ON THE VERGE OF SWEEPING THE U.S. MIDTERM ELECTIONS. https://t.co/2wICNUl8SV
Open source - CO
CoindeskArticle 路
Bitcoin rebounds from midterm dip as DeFi leads gains Bitcoin recovered from a dip to around $75,600 as Democrats won Congress, while DeFi tokens led gains and Trump-linked coins fell.
Open source - CR
Crypto Rover@cryptoroverPost on X 路
馃毃 CRASH: Bitcoin falls below $77,000 and Ethereum drops under $2,300 as a Democratic sweep in the U.S. midterm elections is now expected. https://t.co/BMi8JtK2Mv
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