Bitcoin climbed 2.3% to $80,335.20 on Thursday, extending its recovery from lows near $75,000 earlier in the week. The advance followed a Democratic sweep in the U.S. midterm elections, which improved sentiment across risk-sensitive markets. A weaker dollar, softer Treasury yields and falling oil prices also supported digital assets. Yet the rally faces important obstacles. Investors are assessing how a Democrat-controlled Congress could reshape cryptocurrency regulation, while major miner Riot Platforms has sharply reduced its Bitcoin reserves to finance its expanding data-center business.
Bitcoin Rally Faces U.S. Policy Risks
The Democratic victory in the midterm elections gave the party control of both chambers of Congress, ending unified Republican control. The result initially eased political uncertainty and encouraged investors to increase exposure to riskier assets.
President Donald Trump’s statement that he would accept the election results and work with Democrats also helped calm markets. Meanwhile, declining oil prices and Treasury yields provided additional support for Bitcoin and other cryptocurrencies.
However, the political shift creates uncertainty for the digital-asset industry. Democratic lawmakers have frequently called for stronger consumer protections, anti-money-laundering safeguards and closer oversight of cryptocurrency companies.
The outlook for the CLARITY Act has also become less certain. The proposed legislation, designed to establish a clearer regulatory framework for digital assets, failed to advance in the Senate in September after receiving 50 votes in favor and 49 against, short of the 60 required. Democrats are not uniformly opposed to crypto regulation, but the new congressional balance could make a revised bill harder to pass.
Riot Platforms Cuts Bitcoin Holdings 79%
Corporate developments added another dimension to Bitcoin’s outlook. Riot Platforms sold 10,599 Bitcoin during the third quarter, reducing its holdings from 11,380 coins at the end of June to 2,418 by September 30.
The company’s third-quarter financial report shows that its Bitcoin sales are increasingly supporting its transition toward data-center infrastructure.
Riot sold 20,264 Bitcoin during the first nine months of 2026, generating approximately $1.5 billion. The proceeds primarily funded data-center development and helped repay its $200 million credit facility.
The move reflects a strategic shift rather than simply evidence that Bitcoin mining is no longer viable. Riot produced 1,637 Bitcoin during the third quarter and reported an average direct mining cost of $39,265 per coin, excluding depreciation.
Crypto Prices Rebound Across Altcoins
Bitcoin’s recovery extended to most major digital assets on Thursday, with several large-cap tokens recording gains.
- Ethereum advanced 4% to $2,420.54.
- XRP gained 2.4%.
- Solana and Cardano rose more than 3% each.
- BNB added 2.1%, while Dogecoin climbed 2.2%.
The TRUMP token moved against the broader market, falling more than 13% as election-related losses continued.
Conclusion
Bitcoin’s move above $80,000 signals a recovery in short-term risk appetite, but the broader outlook remains uncertain. Congressional control could influence the direction of U.S. crypto regulation, while Riot’s reserve reduction highlights changing strategies among major miners. A sustained Bitcoin advance will require continued investor demand and greater policy clarity. Until those conditions improve, the latest rebound may remain vulnerable to renewed volatility.
Sources & Methodology
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