After Biden Wins US Election, Bitcoin Loses
updated on:9 Nov 2020
It was a good week for the crypto market. Until it wasn’t. After a week-long upward trend, the market has suffered a 3.06% drop over the last day.
Bitcoin’s price dropped by 2.36% down to $15,138 from yesterday’s $15,504; Ethereum dropped by 3.62% down to $444.35 from yesterday’s $460.44.
After an upward trend in the run-up to the US elections, the crypto market has now fallen by 3.06% over the last day.
Uncertainty continues as traders are unsure whether the Biden news is good or bad.
It seemed as if the US presidential election week was good for crypto. Pollsters (and crypto bettors) had long predicted a Biden win; stock markets rallied and Bitcoin’s price sailed to new highs each day.
When Biden won, things started to go south for crypto. Decrypt reported yesterday that the price of Bitcoin dropped from $15,369 to lows of $15,190 right after the news. But it didn’t stop there.
Bitcoin’s post-Biden fall continued well down to $14,521 at 8:09 PM UTC before recovering to $14,927 at 9 PM UTC. Bitcoin’s price is currently $15,138, a decrease of 2.43% from yesterday’s peak of $15,507 at 1:49 PM UTC, according to data from CoinMarketCap.
Overall, the global crypto market cap suffered a 2.27% drop in the last 24 hours, down to $439.21 billion from $429.24 billion, according to figures from Coinbase.
But there’s no immediate sign of a freefall—Bitcoin's price stabilized last night as Americans went to bed. So traders won’t wake to a really bad morning on a post-Biden-win Sunday. Unless, you know, they voted for Trump.
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