Bitcoin regained the $80,000 level as uncertainty surrounding the US midterm elections eased. A sharp drop in global oil prices, driven by expectations for an end to the Iran war, also reduced inflation and interest-rate pressure on risk assets. Still, the prospect of delays to digital-asset legislation under Democratic control of Congress remains a variable.

According to Upbit, Bitcoin was trading at 108.327 million won, or about $78,500, as of 9 a.m. on November 5, up 3.85% from a day earlier. Overseas prices tracked by CoinMarketCap also returned to the $80,000 range as of 8 a.m. on November 5. The token briefly slid to $75,000 as markets digested the election outcome, but later erased much of the loss.

The rebound was driven by relief after the election result was confirmed. Markets had already priced in the possibility that Democrats would control both the Senate and the House, and investor sentiment improved once the outcome was settled. President Donald Trump's statement that he would accept the result also eased concerns about political conflict.

Falling oil prices also created a favorable backdrop for risk assets. On November 4, West Texas Intermediate futures fell 8.29% to settle at $88.12 a barrel, while Brent futures dropped 8.67% to $94.62. The move reflected expectations that a Democratic-controlled Congress could check the Trump administration's military operations against Iran. Lower energy prices help reduce pressure from inflation and additional monetary tightening.

US stocks also advanced. The Dow Jones Industrial Average rose 3.03%, the S&P 500 gained 1.58%, and the Nasdaq Composite added 1.44%. Even so, the post-election rebound in risk assets does not signal a policy pivot by the Federal Reserve. At the time of publication, the CME FedWatch tool showed markets pricing in roughly an 83% chance of a rate increase in December.

The direction of digital-asset regulation also bears watching. Democrats supported passage of the GENIUS Act on a bipartisan basis last year, but they have raised conflict-of-interest concerns over crypto businesses tied to President Trump and his family. Debate is also set to continue over the CLARITY Act, which failed a procedural vote in the Senate in September, including over ethics provisions that would restrict business activities by the president and family members.

Kim Min-seung, head of research at DigitalX, said markets had already anticipated a Democratic victory to some extent, and funds appeared to flow back in as Bitcoin's shock proved limited. Institutionalization of the digital-asset industry could be delayed over the longer term, he added.