Bitcoin rebounded to around $80,000 as a Democratic sweep of Congress triggered a short squeeze. After dropping to an election-night low of $75,600, Bitcoin staged a rebound. As the Democrats secured control of both houses of Congress, market uncertainty dissipated and triggered a short squeeze. Across the crypto market, approximately $950 million in positions were liquidated over a 24-hour period, with Bitcoin short positions accounting for 76% of the total. During the same period, U.S. equities strengthened, while WTI and Brent crude oil plummeted over 9% amid easing expectations regarding the U.S.-Iran conflict.