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Biden Wins! Bitcoin Loses

The US presidential election week has been good for crypto. Pollsters and crypto bettors have predicted a Biden win, and stock markets rallied, and Bitcoin’s price sailed to new highs every day.

However, things didn’t go well for crypto. After the news of Biden’s presidency, Bitcoin’s price dropped from $15,369 to $15,190, then bounced back up to $15,343, and then dropped to its current price $15,317 yesterday, but it didn’t stop there.

After the elections, Bitcoin’s fall continued to drop to $14,521 at 8:09 PM UTC before recuperating to $14,927 at 9 PM UTC.

Now, Bitcoin’s price is at $15,138, less 2.43% from yesterday’s peak of $15,507 at 1:49 PM UTC. Ethereum has also taken a larger loss, dropping by 3.62% down to $444 from yesterday’s $460.

In total, the global market cap has suffered a 2.27% drop in 24 hours, down to $439.21B from $429.24B.

However, there is no sign of a freefall; Bitcoin’s price stabilized last night as Americans went to sleep. So the traders will not wake to a really bad morning on a post-Biden win Sunday unless they voted for Trump.

Biden’s win is an advantage for many young, liberal Bitcoin traders; however, the loss of deregulator-in-chief Trump is bad for the conservative types who disgusted central banks and everything that has to do with the government. The election may be over, but the battle continues!

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