Bitcoin rose into the $80,000 range as political uncertainty eased after the opposition Democratic Party scored a landslide victory in the U.S. midterm elections.
According to CoinMarketCap, a virtual asset market tracking site, as of 8:25 a.m. on the 5th, the price per bitcoin was $80,399, up 3.26% from 24 hours earlier. At the same time, Ethereum, the bellwether among altcoins (Altcoin·all virtual assets except bitcoin), was $2,423, up 5.86% from the previous day.
The day's rally in the virtual asset market is being interpreted as a result of reduced political uncertainty after the U.S. midterm elections. A prime example is the possibility of an end to the war between the United States and Iran. With the Democratic Party seizing both the Senate and the House, expectations have grown that the Middle East war will end early due to checks on the Donald Trump administration's war with Iran.
On such expectations, international oil prices plunged more than 8%. On the day, West Texas Intermediate (WTI) for December settled at $88.12 per barrel, down 8.29% from the previous session, while Brent for January settled at $94.62 per barrel, down 8.67%.
