Bitcoin Forum

Do you see that guys, the price of cryptocurrencies are in red since Joe Biden crosses the required number of place to become president?

Almost every crypto is in red at the hourly candle and what's your opinion with the dump caused especially after such news?

Anything different is obviously going to cause some sort of destabilisation in price until people know what Biden is going to do... I'm not sure his win is yet confirmed (or anything really changed... Yet).

AFAIK, yes. Biden already got 284 Electoral college votes after winning the Pennsylvania. So he will be the next president unless Trump proves that he cheated at the election polling.

If I'm not wrong Biden is less into crypto than Trump was (trump was sceptical, Biden looks to be against). So if we will see any crypto regulations in USA they will be more stricct and less crypto user-friendly than it would be if Trump will stay in charge. But on the other hand ... there might be no change during his cadence. So in conclusion. Biden win will have moderate/negative fundamental impact on crypto while Trump win would have moderate/positive.

If you link the dump with the results you can also link the pump with the news about Biden winning Michigan and Wisconsin and cutting the difference in Pennsylvania, and now that you compare the two it makes no sense to put both events on the news about Biden getting ahead.
So, how you say that him getting elected is bad but him winning states from Trump was god?

We had a pump, now comes the correction. Pretty simple, as long as it doesn't go below what we had in late October it's nothing out of ordinary, I don't think anyone here was thinking we will go up and up and up with no breaks between jumps.


Biden has never said anything about crypto, nobody knows if he's for or against.
But looking at the people baking him he might actually be better than Trump.

I think people/wales take any chance to create panic... Nothing unusual here...

If the drop will be related into Biden winnings then we can also say that it's increase in the past weeks we're somehow related in election other than PayPal news. In the first few years we may not see the new President got something to deal with crypto but if he's not really in cryptocurrency hopefully now that he is  a President he might consider using or implementinv it as it gives benefit to many..

Already a video of  Trump leaving the White House (https://m.economictimes.com/news/international/world-news/watch-president-trump-seen-leaving-white-house-as-count-nears-end/videoshow/79103761.cms) is getting viral around the internet. Here he has been moving from White House to his golf club. When there is change in the world power ruler, surely it'll cause little disturbance in the market. That's what we're experiencing with our cryptocurrency market. Right now it has fallen low to $15000.

I don't see a connection. If the stock market were dumping I would probably think otherwise, but since the short term correlation is weak, I'm assuming the BTC rally's momentum is simply exhausted. The market just rallied for 5 weeks without a significant pullback; a correction was due.

I don't think there is but what he will do is what makes an impact, if the cause of the dump is because of Biden winning the election, it is just a speculation, he hasn't announced anything on Cryptocurrency during his campaign, so I assume he is not against it, but will see it after he assume office, all we have to do now is to hope that he is positive on this technology.

I'm not sure if there are some correlations with the US election, the most logical reason maybe is that people taking profits after we exhausted at almost topping $16k.


The best weapon is really not to panic, we have been seeing higher highs already, so it's no concern if we see a dump after a huge upside.  And as others have said before, bitcoin market doesn't care about politics and other social issues. On the other hand, if it goes down to $12k or even lower than 5 digits, then it's time to accumulate again.

haha no it has nothing to do with Biden's victory. Biden looked likely to win since late tuesday night, and very likely since wednesday morning, and crypto was pumping that entire time. If it had anything to do with Biden winning then the pump the past few days wouldn't have happened. Bitcoin just rose $6000, a correction was imminently expected.

If anything Biden winning helped add to the pump the past few days as it became pretty clear Biden was going to win, but I wouldn't say its a major factor.

Pumping because of paypal, was coming off a correction, bullish sentiment has been building for a while, and institutional demand is increasing at a rapid rate recently.

Maybe yes, maybe no so its hard to tell but I’m sure many are disappointed since Trump losses the bid. I remember how the market reacts every time trump says a good word to Bitcoin, but for sure this is just temporary dump and when Biden takes the spot on Whitehouse people will get used to it.

Markets are heavily driven by emotions.
You may not see any relation between the dump of the market and Biden's victory but for the investors there is.

A veteran investor once said:
This is base on this article: LINK (https://economictimes.indiatimes.com/markets/stocks/news/mark-mobius-says-biden-bad-for-us-equities-good-for-others/articleshow/79096794.cms)

Not only him but other investor isn't that optimistic when Biden wins when it comes to the market and with his victory, it created a domino effect among them causing the market to dump both the stock market and crypto market because we know that both of these market are correlated with each other.

I want to believe it's only a coincidence, I may not be too sure if trump or biden are participating in bitcoin, but if only there is reason to show a sense of belonging to any of them,which I don't think is appropriate enough being a decentralized coin. If you cannot do that for other countries that participates, we need to be careful to avoid centiment. Let's not start what we cannot finish.

Not sure why a couple people have said Trump was friendly to bitcoin. He only ever mentioned bitcoin once and said he's not a fan.

Trump doesn't like Bitcoin and Biden has never mentioned Bitcoin, so nothing to make of on their policies to Bitcoin.

Market was pumping all through Biden taking the lead and as it becoming clear he was going to win. Normal correction happening now, as anyone who has experience in this market expected. Market started correcting some hours after Biden was confirmed to have won, and days after it became pretty obvious he was going to win. That's not even a good coincidence to say the correction matches up with his win because it doesn't even match up haha. If it had anything to do with Biden winning it would have happened as soon as he won this morning, and really it would have started a couple days ago when it became pretty obvious he was going to win, instead the exact opposite happened and it kept pumping throughout this time. Basically, it has nothing to do with Biden being elected, though Biden being elected may have contributed to the pump the last few days, that may have just been a coincidence though.

The stock markets also shot up this week as it became clear Biden was going to win. So if anything Biden's election may have helped boost the markets (it certainly helped stock markets, I think it is much more dubious to say it had much effect at all on Bitcoin, but due to the timing of the pump Biden's win may have helped Bitcoin pump this week a little bit but I wouldn't put too much emphasis on it), but after any pump there is always going to be a dump.

We are at the weekend now so the real emotions of the investors will be witness on Monday Morning, not only from US it will get some reaction all over the world. Hopefully there won't be much correction to the bitcoin's price due to Biden victory. :)

There is no connection to it. Whoever is the winner in the presidential elections of any country in the world cannot determine which direction the price of Bitcoin would take next. Aside from that, there is nothing in Biden's presidential campaign which speaks of waging a war or such statements against Bitcoin if ever he becomes president.

This is nothing but a coincidence. It's just that people are always having fun attaching two completely unrelated events.

Market is volatile and speculative people sell because they want or need to sell based on their judgement and their needs now, this Biden winning the election has nothing to do with the market at all, because Biden never announced that he is against Cryptocurrency and we will only know that when he is sitting as the president and create policy about the economy and his administration out look about Cryptocurrency.

the only relationship is that for the past 2 months a big FUD campaign has been going on that has been trying to convince people that bitcoin market is linked to a lot of different things that has nothing to do with it. so obviously there is always a lot of newbies who fall for the lies and perform idiotic acts (bother panic buys and panic sells). in this case all we saw was simply a panic sell by these newbies that also coincided with a reasonable correction that was expected to happen in the market after the big rise we had from $10k to $16k regardless of the irrelevant things such as US election.

right now the panic sell + correction seem to have ended and price is back to $15k again.

Of course there is, someone said yesterday before the price of Bitcoin pumped to $ 16000,
if Biden won the election then the price would be dumped and not good for bitcoin, and finally answered,
the Bitcoin dump price was almost $ 1000 in a few hours, but maybe this is just a manipulation so that whales can buy cheap again.

Price pulled back probably will be related to Biden's win. Obviously those who are favors in trump dont like the idea of Bidens handling the US now. There are some whom fear that Biden might be strict or less favoring crypto market and so pulling out without any hesitations. But there are news that an exchange support Biden's campaign so likely he should be grateful to that act and be righteous to any decision his going to make in relation to crypto development.

For fundamental analysis part, I can consider Biden's win may have a connection
But if you will check on the chart, the RSI indicator on a 1-day time frame, it is oversold, so I really expected this kind of pullback $15,900 yearly high.
But, I find this pullback a healthy one for Bitcoin, I really want to see a healthy run for Bitcoin for creating another all-time-high, not the same with the 2017-2018 parabolic run of Bitcoin, this time is extremely different.

But not that bad compared to the dumps happens this past months so i think it is not about Biden's winning or losing but it is about the new president will be having the white house.
and this has been predicted months ago that prices will surely move after the election,maybe investors from US is trying to keep safe first while there is no concrete plans for Biden's administration.
though i hope that this small downfall will fair enough to maintain the $14,000 level and won't fall down to 4 digits again like what we had last March this year.

It's just a coincidence wait a few more days and the market will recover, there's no perception that Biden is the enemy of Cryptocurrency, he's not announcing anything it's just us people who speculating that there is, we'll wait and see if he is for or against Cryptocurrency and we'll know it next year, if he is for it, we'll see a massive increase of the price.

Probably this is the current situation, since price started to stabilize around $15000 region in the next few hours of that dump.But I can see lot of altcoins continue to bleed even though the major crypto remains stable so the panic sell button might trigger another dump?! :-X

At the moment, there is no certainty in the results, so we cannot link these events. If you remember Al Gore was already declared the President of the United States, but after the courts Bush became him, it is quite possible that there will be a repetition of this situation.

I am guessing they used the Software fraud that has been spotted only in one area in Michigan (transfered 6k votes from Trump to Biden) was used in many many other areas and cities. Especially the software is connected to who? George Soros once again. Watch the Trump show. He will expose them all to the world and show whats going on for ages in elections.

The elections started about 5 days ago, well it was 5 days ago but the counting also started 5 days ago and ended very recently, hell it didn't even ended but at least we have enough data to say that Biden won, so as you can see things didn't suddenly happened so there is really nothing that could suddenly change crypto neither.

If the elections were today and the results came in today and the price went down today I would say there is a big connection between them but for the past 5 days we have been counting the votes and Biden looked to be winning for most of those days and price went up for almost everything, just yesterday almost all coins were going up like crazy right until Biden declared winner. I feel like there is a connection between prices sky rocketing and correction coming instead of elections.

Biden was in the favorite on those days but when there is news that he crossed the line that dump came so I felt it all of a sudden.Well I am looking for the reaction of traditional investors like stocks with their new president and more analysts says that it could negatively affect the stock market initially.

The United States can affect the economy of any country, which can affect world commodity prices. Including one of them is crypto assets.
Related to the red candle color on the Bitcoin chart, which worries some people, it is because there are some investors who secure
their bitcoin assets. Because of the high demand for bitcoin, the price went up again maybe like that.
However, after the USA presidential election was over, bitcoin could survive and return to a price of $ 15,324 today.
I stated that it was just an ordinary correction.

The situation is more nuanced than that.

Even if you believe there is no direct relationship between BTC and any other assets, all markets are interconnected and thus indirect relationships form. This is because all markets are dependent on dollar/fiat liquidity. When there is extremely high demand for fiat liquidity (like this past March when there were extreme fears about financial crises and recession) all investments assets on average, and especially risk assets, lose value. When there is extremely low demand for fiat liquidity (due to extremely low interest rates and excess money supply) this tends to inflate all investment assets.

In fact, I believe the second point is very relevant to the strong correlation between the American stock market and Bitcoin, going back to 2010. This correlation isn't short-lived, nor is it confined to this year. It's been going on for many years.


The stock market is performing excellently too. The S&P 500 index made a new ATH in September and is hovering below the highs, threatening to break out again.

in my opinion it is too much. indeed at the same time, but not all of it remains. If there is a connection, then how about Biden's statement on crypto? is there any?
maybe more inclined to paypal which is being discussed so far.
as for your perspective like that, I don't mind. maybe it is true, but for now I have not received any actual information regarding the increase in bitcoin that has anything to do with Biden's victory.

I am not an expert in this matter, but according to the information that I have seen, everything looks very cloudy. I think that this will end after prolonged trials, which in turn will affect the market and the entire economy negatively. It would be good if everything ended peacefully, but neither side wants to give in, I'm sure of that.

Let’s not get deep into politics now, but Biden won long before the election thanks to the still current president who is very negatively perceived in most of the world, and in his own country as well. Serious analysts and investors knew what was going to happen, and that there would be a turnaround in some things when Biden won.

I think that in this particular case we cannot talk about a dump, it is a completely normal price correction that would have happened without the US presidential election. The problem is that some people think that the big bull run has started, but what we have now is not even similar to the end of 2017 - but to what happened at the end of 2016 - and what happened is that the price of BTC went up about 100% after halving.

For now, Biden has put the fight against the pandemic in the first place, and I am sure that there are many more important things he will dedicate himself to in the first year of his mandate.

I don't think Bitcoin's price is affected much when in strong uptrends, or strong downwards for that matter. Good news in a bear market rarely improves the price, what could be considered bad news for the price in a bull market also doesn't effect much either. The price is very strongly bullish, clearly not even a US election has managed to have a negative effect on the price. Potentially the instability with the political system in the US will mean Bitcoin will benefit from this in the long-term, with Trump challenging the result.

That's so true. And that is the reason why we should not try to attach a dumping market with Biden's win. The last thing this new administration will be getting themselves busy with is the tighter regulation of Bitcoin and crypto.

Who knows in the future though? But for now there are more urgent matters they can't wait to put their hands on. There is the pandemic first and foremost, and there is the strained international relations, among others.

There is some connection between each and everything, new president elected for USA which is not only going to change the affect of USA but the whole world is somewhat connected with the USA for some reasons so there was an instant reaction when the news was announced but after that everything going well.

Everything is green now, now that Biden was officially declared the winner although Trump is not conceding, I don't see anything that connect why Biden has something to with Cryptocurrency dipping, or why it is now going up, the election has nothing to do with the market, it's the business sectors and the motivation of the whales and the Crypto community that has an impact.

To my opinion there is no connection at all between Bitcoin price and US elections or to be precise the fact that Bitcoin won.
In fact I think that influence of politics is not relevant when it comes to Bitcoin, except in cases where governments make certain decisions that directly might influence Bitcoin regulation or something.

Well, this happen usually. People are affiliating things towards the occurrence of something despite of the gap between of each topic from one another. Pandemic, election, and the likes. It will be hard to remind people that the price of Bitcoin and other cryptos are only dependent with the demand and volume of its market. No wonder holidays will also be associated on how will its market value perform a month from now, despite of lack of patterns in the market, also in the first place.

Market shows that it doesn't really need any external events for its price to be affected.Look at we now? We do even hit 16k and somewhat stabilizing.

This proves out that it is totally independent and cant really be affected by other events outside.This should be put up in mind specially to those who are relying too much on fundamentals.

We don't know on when dump will happen but for sure we would really be having some correction.

This is just a coincidence; in addition, Bitcoin is what can help major financial funds in the US fight the impending inflation in the US.
Biden has just nominated Gary Gensler to work at the US Treasury Department. In addition, Biden's upcoming policy is to Lockdown America from 4-6 weeks to eradicate corona virus. this makes the dollar even more vulnerable, and then Bitcoin becomes a valuable asset.
so if Biden is truly elected, then our Crypto market will have the next glorious years. ;)

The market seems fairly certain about the outcome. The S&P 500 is hovering at the highs, threatening a new ATH any day now.

But if the stock market were to actually crash, I still think it would take BTC down with it. That scenario just looks unlikely now. Both markets look like they want to keep floating upwards. Major shakeouts will come, but that's all they'll be......shakeouts.

My guess is that there some people cashing out the winning bet right after it gets settled.
So the effect works temporary only on that day that time and the rest of it is back tot the bull run, the market is restored by now even higher than before.
So no specific effect. Only a shock therapy.
Lets continue to talk about bullish stuff.

If the election is won by Trump, people relate the growth happening with bitcoin to the win of Trump. Now with the winning of Biden the same is being related with his win. Now people are in search of his previous speeches to find whether he is supportive to the usage of cryptocurrency or he's against it. With this we can see some market manipulation, but this time nothing happened and the growth continues.

I'm not ruling out the possible connections. Just like you said, there's some connection between each and everything, just like the movements and positions of the stars, Biden's win, Bitcoin's price, a shitcoin's death, etc. 

When Biden was announced the winner, there was a price correction and then a lot were saying that was the effect of Biden winning the presidential race. But just hours after that, the price was again rising. I could not understand how that was all connected to Biden's win.

Trump fans really wanted to find a way to say that Biden caused something bad and wanted to attract us to their side by showing how bitcoin went down. As soon as Bidens win is guaranteed, bitcoin started to grow over 16k for the first time in many years, but that doesn't really mean anything good or bad about Biden nor Trump because crypto is global and not just American.

Definitely Americans have this feeling that everyone loves or hates them and they are number one priority in the world but honestly we care about your sports and Hollywood and not really about your everyday life and investments. Which of course means that we are going to not care about who is your president and act accordingly when we are making crypto related moves as well since they are unrelated two different topics.

If you read the entire discussion in this thread then you might realized that I mentioned about Biden's win is not affecting the price of crypto currencies in negative way and also I don't agree that it was mere coincidence of price correction when he won in Penny state so it was just the initial reaction from some investors and that's it.

I think more important for Bitcoin is who will have senate and congress than who will be president. Ideal would be if one group have senate and other group have congress. That way not many changes can be made and in that environment Bitcoin will flourish most. It would be good also if Trump would stay as a republican candidate fro 2024 elections. But I think there is tiny chance for that.

It depends on how Trump concede and accept his defeat, right now the whole world sees him acting like a dictator who think that he is entitle to become President even if the votes show him losing, the Republican do not lack people of good reputation they can manage in 2024, the worst situation is fielding another candidate with low quality just like Trump.

Lol just day after you post this Bitcoin break $16,000 so i think the correlation of Biden's Winning is good for crypto since Trump is a Bitcoin hater lol.

Lol how would this be when Trump never support Crypto?
Actually everything will be in place once Biden bring His Platform and what is his stand over crypto specially Bitcoin.

During the course of the campaign or any of Biden speech he never mentions anything about Cryptocurrency, I don't know if there's any that are not publicized, but anyway we will know after he sits as president of the United States, this is unavoidable they should have a policy on this, it will be a big help and a big boost if his administration openly supports Cryptocurrency, and adoption will be easy, as we have the powerful country supporting. 

We can't really make a case for any candidate or any president in a global world.
During Trump period we have seen as low as $1k dollar bitcoin and we have seen $20k bitcoin and we have seen $20k going down to $4k as well.

So, we can't say trump is like this or trump is like that when it comes to crypto prices at all because we have seen both very highs and very lows during the same presidency and it doesn't mean he affects it one way or another, it is irrelevant.

Same goes for Biden, he is not even president yet, he will be in January I think, and we have seen ups right now regarding him, but we have seen it go down when it became almost official as well, and in the next 4 years I guarantee we will see new highs but we will see a lot of lows as well, presidents do not have the impact you think they have.

I'm a bit confused about the "market dump" that you speak about, because bitcoin has been going up and down randomly - but is still up compared to the weeks before the election. I don't think either candidate winning had much effect on the price of bitcoin, a large part of the volatility recently has been how close the vote has come and the fact it took almost a week before the votes were fully counted. Either candidate is going to be pro-business and it's unlikely that Biden will want to rock the economy right now by taking any drastic actions, such as cracking down on cryptocurrencies when large companies are just starting to find it attractive.