Bitcoin nears $80,300, Ethereum trades at $2,400 as crypto market rebounds after US midterm volatility

Bitcoin traded near the $80,300 mark and Ethereum at $2,400 on Thursday as the cryptocurrency market witnessed a strong rebound following the US midterm elections. The cryptocurrency was trading at $80,361 and Ethereum was at $2,417.

In the past 24 hours, Bitcoin and Ethereum were up 2.63% and 4.24% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid and Cardano gained upto 4.19% whereas Tron and Hyperliquid were down 0.94% and 3.63% respectively.

Avinash Shekhar, Co-Founder & CEO, Pi42 said the rally follows heightened volatility surrounding the US midterm elections, with improving market sentiment and short liquidations driving the upward momentum. Nearly $975 million worth of positions were liquidated over the past 24 hours, largely involving traders betting on further declines


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Ethereum’s stronger performance reflects renewed buying interest, although the extent of short covering suggests that sustained momentum will depend on fresh capital entering the market. Investors should closely monitor trading volumes, liquidation activity and broader macroeconomic developments to assess the strength of the recovery, he further said.

The global crypto market capitalisation went up 2.32% to $2.69 trillion, according to the data on Coinmarket cap.

Nischal Shetty, Founder, WazirX said Bitcoin’s recovery above $80,000 reflects improving risk appetite, although sustained buying will determine whether the rally holds. More than $415 million in liquidations was reported within an hour as Bitcoin reached $80,000, including approximately $330 million in short positions. Separately, the supplied 24-hour snapshot recorded $983.34 million in liquidations.

Over the last week, Bitcoin was up 0.30% and Ethereum was up 4.16%. Among the major altcoins, BNB, Solana, Tron, Dogecoin, and Cardano corrected upto 4.49% whereas XRP and Hyperliquid gained 2.06% and 5.15% respectively.

Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin and Ethereum rebounded after the U.S. midterm results eased election uncertainty, while U.S. stocks rallied, oil fell sharply and Treasury yields eased.

Continued spot buying and ETF inflows would make the recovery more convincing; otherwise, a pullback toward support remains possible, Sehgal further said.

Market perspective

Vikaas M Sachdeva,CEO, BitDelta India: Bitcoin’s support reference is near the observed $75,616 daily low, with resistance around the $81,078 high. These are descriptive levels. The daily advance alone does not establish a lasting change in market direction.

CoinSwitch Markets Desk : BTC crossed $81K as a broader rally across crypto and equity markets followed the US midterm elections. The rally was supported by improving risk sentiment, with investors expecting greater political certainty. Holding these levels could set the stage for a potential trend reversal and breakout over the next 7–10 days

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Prateek Gupta, Head of Business, Mudrex: Bitcoin has moved back above $80,000, gaining around 3% after Democrats secured control of both chambers of the US Congress. While the outcome was largely anticipated, the rebound triggered nearly $330 million in short liquidations within an hour, adding to the upward momentum.

Vikram Subburaj, CEO, Giottus: The rebound follows heavy selling and comes as investors reassess the US midterm-election outcome. However, recent ETF withdrawals and uncertainty around the Federal Reserve’s December policy path continue to weigh on sentiment.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)