This week the markets and the crypto community have been at the forefront of the US presidential vote which has undoubtedly generated a great deal of uproar even in crypto. But, among all, Bitcoin Lifestyle stood out.
In the face of so many events and occurrences, today we bring you a summary of the most important news of the week, and therefore, you can’t miss it.
Bitcoin found strength in the election, but how did it react to the result?
Just yesterday in the CryptoTrend daily summary we commented on how the stock market and the crypto market were starting to react to the fact that the vote count was ending.
Bitcoin has had a spectacular week. The price of the leading crypto on November 1st was just USD 13,730 according to CoinMarketCap; while, at the time of writing, the price of BTC is USD 15,220.
Specifically, the factors that could have driven the price of crypto are the presidential vote, along with the uncertainty generated by the results, and the prospects of US economic policies that could weaken the dollar.
In fact, on Thursday night, Bitcoin came very close to $16,000, marking a new annual high. This was happening as Donald Trump and Joe Biden battled it out in the open (Twitter, of course).
Just on Thursday the uncertainty reached its climax, as by Friday the vote count already pointed to a clear victory for Biden and the crypto market reacted.
On Friday, the stock market did not react very well as Biden was already being considered as the next president of the United States. However, Biden’s victory became official yesterday but we will not see the markets‘ reaction until tomorrow, Monday.
However, Bitcoin did take a step backwards. Falling from USD 15,500 to USD 14,700 and then recovering to the current level of USD 15,220.
U.S. elections are about to be over, how are the markets reacting?
Cripto Traders in favor of Trump lose a lot of money
Several times we have mentioned in CryptoTrend the crypto prediction markets where you basically bet that something will happen or not. Yesterday one of the markets was defined after the results were known.
The Democratic candidate, Joe Biden, won the U.S. presidential election and, with that, Donald Trump will have to say goodbye to the White House, although he will have to fight.
As a result, FTX futures on the U.S. elections were closed with a loss for all those who invested in TRUMP contracts. In other words, it is estimated that crypto traders lost about $11 million on these contracts.
However, these contracts expire on January 20, 2021.
Joe Biden’s victory at the Blockchain
The Associated Press yesterday registered Joe Biden as the next president of the United States on the Blockchain with the help of Everipedia. He is the first president to register his victory in the Ethereum and EOS Blockchain.