On Wednesday afternoon, Bitcoin traded near $80,000, up about 3% on the day, after Democrats won both chambers of Congress. A short squeeze helped Bitcoin rebound after falling to a low of $75,600 on election night, with about $950 million in leveraged crypto positions liquidated over the past 24 hours. Stocks also rose, while oil prices fell sharply. However, U.S. spot Bitcoin ETFs saw $115.6 million in outflows on Tuesday, marking a third consecutive trading day of withdrawals. TD Cowen’s Jaret Seiberg said a Democratic sweep of Congress makes passage of the crypto-backed CLARITY Act unlikely.