Bitcoin (BTC USD price) closed above $80,000 on Wednesday, November 4, the day after Democrats won control of both chambers of Congress, rising 3.9% while Trump-branded assets sank, with Trump Media stock down 24.5% and the TRUMP memecoin down 19.9%.
That is not the reaction many in crypto expected from a Democratic Congress.
Bitcoin traded at $80,391 on Binance at 10:10 UTC on Thursday, after its first daily close above the 50-day EMA since the October 29 Binance hack. The Crypto Fear & Greed Index climbed from 26 on election day to 50 on Thursday, its first neutral reading since October 29.
Politics still cost the industry something. The odds of a crypto market structure law this year slipped, and the candidate crypto PACs spent most to stop won the race.
So did the switch from Republicans to Democrats flip crypto sentiment, or just the Trump trade?
Bitcoin is not a store of value. It increased.
— CZ
BNB (@cz_binance) November 5, 2026
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Did the Democratic Sweep Flip Crypto Sentiment?
Yes, and it flipped toward calm. Bitcoin, Ether, and the largest crypto stocks all rose on Wednesday, ahead of the Nasdaq Composite’s 1.4% gain.
Strategy (MSTR) gained 5.1% and Coinbase (COIN) rose 4.2% by Wednesday’s close. Solana and XRP added 3% and 2.2%.
The rally came without a rush into leverage. The funding rate on OKX’s Bitcoin perpetual swap, the fee longs pay shorts every eight hours, stayed at or just under its 0.01% default through the vote.
Policy looks weaker. On Polymarket, traders put the chance of a crypto market structure law in 2026 at 6.6% on Thursday, down from 8.45% before polls closed. Most of the hope had already gone when the CLARITY Act failed a Senate vote 49–50 in September.
Crypto money also lost its biggest race. In Ohio, former Senate Banking Committee chair Sherrod Brown, a long-time crypto critic, won back a Senate seat after crypto PACs spent more than $60 million against the campaign.
Why Did Trump-Branded Assets Fall?
The market sold Trump, not crypto. Trump Media (DJT) fell 24.5% on Wednesday to $4.49, the TRUMP token hit a record low of $1.219, and World Liberty Financial’s WLFI lost 6.1%.
These assets trade on the president’s political reach as much as on crypto prices. A Democratic House and Senate shrink that reach for the next two years.
Trump Media has its own deadline too. Holders of its $1 billion convertible notes can demand cash on November 30, a November 2 filing shows.
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BTC USD Price Analysis: Can Bitcoin Price Hold $80,000?
Wednesday’s $80,504 close was Bitcoin’s first above the 50-day EMA since October 28, the day before the Binance hack. It also cleared the 20-day EMA, which last happened on October 21.
Those two averages now sit at $79,990 and $80,159, less than $200 apart, so the $80,000 area is the first floor.
| Path | What has to happen | Next stop |
|---|---|---|
| Push higher | A daily close above $81,971, the October 29 high | $84,898, the October 21 high |
| Stall | Holding between $80,000 and $81,971 | More range trading around the two EMAs |
| Slip | A daily close back below $80,000 | $75,736, the election-night low |
Above $81,971, the hack-day drop would be gone from the chart.
The midterms removed one unknown for BTC USD. The next test is whether buyers stay without a Trump-friendly Congress behind them.
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The post BTC USD Closes Above $80,000 After the Democratic Sweep While Trump-Branded Assets Crash: Did the Midterms Flip Crypto Sentiment? appeared first on 99Bitcoins.
