Bitcoin rockets above $80,000 for first time since Binance hack despite Democrats sweep, but a historical crash looms

Bitcoin surged more than 5% from its election-night low to reclaim $80,000 for the first time since Binance's record hack.The cryptocurrency extended its recovery from approximately $75,600 on Wednesday, shaking off concerns that Democrats' takeover of Congress would undermine President Donald Trump's crypto-friendly agenda.According to CoinGlass data, this rally liquidated $453.32 million in the past hour, with most of the losses coming from short traders. These losses reach $913.34 million over the past 24 hours.Crypto liquidations over 1 hour, Nov. 4, 2026CoinGlass heatmap screenshot supplied Nov. 4, 2026. Only tiles with a readable dollar value are included; smaller coins are omitted. 'Other' is the heatmap's labeled group, not a calculated remainder. BTC liquidations were 96.3% short and ETH 57.6% short. Values are rounded liquidated position amounts, not traders' net losses. Snapshot time was not shown.Chart by CryptoSlateThe rally comes less than a week after Binance suffered a $6.34 billion security breach that sent shockwaves through the digital asset market, triggering withdrawals and intensifying an already difficult period for Bitcoin investors.James Butterfill, head of...