Bitcoin (BTC) held above $80,000 on November 5 as cryptocurrencies extended their recovery alongside stocks after Democrats swept both chambers of the U.S. Congress.
During Asian morning trading hours, Bitcoin traded near $80,484, up 5.7% over 24 hours, CoinDesk reported.
Ethereum (ETH) gained 8% to about $2,425, while Solana (SOL) climbed 5.9% to $96.
Bitcoin recovery followed an initial selloff when it briefly dropped toward $75,700 early Wednesday as election results emerged.
Important Read: Democrats win Congress as crypto legislation remains in focus
Falling oil supports market recovery
The crypto rally coincided with a sharp shift across traditional markets.
Brent crude fell roughly 8% on Wednesday, the S&P 500 closed up 1.6%, while the dollar weakened, CoinDesk reported.
Bitcoin has rebounded in line with stocks as the market believes that the Iran conflict and high oil prices are more likely to come to an end, said Jeff Mei, chief operating officer at crypto exchange BTSE.
Zcash outpaced other leading digital currencies, rising 11.7% to about $1,318 in the same market snapshot.
Legislation and fund flows remain concerns
Crypto legislation remains in focus amid change in the U.S. Senate.
The Senate had already blocked the Clarity Act from advancing in September. The crypto legislation aims to define regulatory responsibilities for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
A Democratic control of the Senate could bring additional industry oversight, particularly scrutiny of its ties to President Donald Trump.
Democrats are scheduled to take office on January 3, 2027.
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