Bitcoin Pumps Back Past $80K as Democrats Sweep Congress and Oil Craters

Bitcoin is back over the $80,000 line. The coin traded at 80,465.19 USDT, up 4.26% over 24 hours, while Ethereum moved faster with a 6.38% gain to 2,415.76 USDT. The total crypto market cap sat near $2.71 trillion, up 1.13%. Crypto-linked equities rode the wave too: Strategy gained 5.09%, Coinbase added 4.16% and Robinhood advanced 2.02%.

The next test is whether BTC can hold the psychological round number and press toward the $81,500 mark. That figure comes from Glassnode's Oct. 28 estimate of the aggregate cost basis for US spot BTC ETFs — the current price is running about 1.33% below it. Strategy's own Nov. 2 disclosure puts its 849,327 BTC haul at an average cost of $75,451, leaving the company roughly 6.58% above its basis. Fresh liquidation-zone data above and below BTC and ETH couldn't be verified, so prior chart levels weren't carried forward.

The macro backdrop flipped hard. US midterm results handed Democrats both the Senate and the House, splitting Congress against the Trump administration, and stocks rose broadly with the Dow leading the charge, according to techflowpost.com. ADP showed October private payrolls adding 86,000 jobs, with September revised down to 86,000 from 90,000, and the ISM Services PMI slipped to 54.5 from 54.9 — still expanding. Crude cratered, with the WTI December contract at $87.79 a barrel and Brent's January 2027 contract at $94.56, easing inflation expectations even as economists wait on wages, productivity and service prices to line up.

Underneath the index gains, AI infrastructure names cracked. Vertiv sank 12.89%, GE Vernova dropped 9.30% and Micron fell 7.00% as investors fretted over tighter constraints on data center construction. Among the Magnificent Seven, five rose and two fell — Microsoft and Amazon led, while NVIDIA and Tesla slipped. The market is no longer pricing compute hardware sellers and compute-usage monetizers as one trade.

Earnings brought their own splits. Circle posted Q3 revenue plus reserve income of roughly $865 million, up 17% year-over-year, though reserve income alone fell 8% to about $658 million, with ARC token presales kicking in roughly $182 million; the stock closed at $76.12, up 1.20%. Arm's second-quarter FY2027 revenue hit about $1.44 billion, up 27%, with licensing and other revenue jumping 50% to $773 million and royalties at $670 million, but the stock closed down 5.28% at $191.80 before the after-hours reaction. Qualcomm reported fourth-quarter FY2026 GAAP revenue of $10.322 billion, down 8%, and non-GAAP EPS of $2.17, down 28%, while reaffirming a $5 billion data center revenue goal for FY2027; it closed up 5.33% at $173.19 ahead of the release.