Bitcoin Reclaims $80,000 After Midterms, Liquidating $320 Million in Shorts

Bitcoin returned to $80,000 on Wednesday as a broad crypto rally followed the U.S. midterm results. More than $320 million in short positions were liquidated within 30 minutes, according to market data. Ethereum gained 6 percent, while XRP and Solana each rose 4 percent. Traders noted Bitcoin retested its 50 week moving average during the election day dip before recovering.