Bitcoin Forum

It was very great to see the rise of Bitcoin's price since the start of the US election campaign. But it is really amazing to see the plummeting effect after the short announcement that Biden won the presidential race was the price plunged to $850 and reach to $15,400.

https://i.imgur.com/hQXjT7F.png

https://coinmarketcap.com/headlines/news/the-biden-effect-bitcoin-price-plunged-850-immediately-after-the-announcement/

However, that short pumps cut shortly and fells down deep at $14,540 and then got back high to $15,000 plus.

I'm not thinking this having a long-term effect on the market and keep the rising momentum to stay for a while but seeing possible dumps to start. I hope it won't but still unpredictable.

 

It's hard to say why it was rising and falling like it did, but it may partly have been driven by a "Fear of Missing Out" effect. A period of volatility like we saw would generally spark a flight to safety, where you see commodities like gold in higher demand as people are unsure of what will happen next in the stock market. That combined with the general hype that bitcoin can generate all by itself will create these surges. Now the election has been called and it is clear that while Biden is President, he doesn't have a strong command of the senate & house, which limits how much he can do. This means the business environment isn't going to change too drastically and people are putting their money back into stocks. There are so many factors at play that it's impossible to point at any single one, but I personally welcome lower bitcoin prices as I can buy it cheaper for longer :)

Some public opinion says the price of bitcoin has risen since the start of the USA election campaign. In fact, crypto assets were rising not only during the USA election campaign. In fact, before the USA election campaign, the price of bitcoin had gone up.
Even a few months before PayPal’s news adopted Bitcoin, the price of bitcoin had gone up first. But I don’t know about the rapid decline in the price of bitcoin, which came together when Bidden won the election in the USA. Maybe it’s the market reaction that should be like that: bumpy, it’s also impossible if the bitcoin charts will align steadily. Or maybe Bitcoin is undergoing a correction. But the drop in the price of bitcoin has now recovered to $15,174

Well said!
The bull market has begun before the presidential campaigns. At 10k we were already in a bull market and the Square Bitcoin purchase in October followed by PayPal's announcement made us go above 14k. I'm sure the pandemic and huge printing of USD and EUR in the recent months had also some influence on the price, not to mention positive comments from Michael Saylor whose company holds $400 million in bitcoin.

Very well said. As we can see before the election became a hot topic and it commenced, bitcoin has been doing well. Dated back on March 2020, that's the lousiest month of this year but after that month, we can see the fine months and it moved bitcoin up. "Everything that has gone up, has to go down". In this quote, I think this is a very simple reason why bitcoin had gone down a bit. And it's stabilizing from the level of $14,500 - $15,000 and those are excellent prices and support.

Still not convinced that the election has something to do with the sudden price increase in the market price of Bitcoin, not also sure of the actual reason but it is just something to celebrate and I'm already good with that. The market price of cryptos in the first place is volatile so there is still a possibility for a market price dump no matter how we want the market to continue. The question is, will the actions of the elected official affect the market price or this industry in general, as his term is occurring? This would be the instance wherein election might affect cryptos, I think. I am referring to actions whether supporting or banning cryptos.

Well look at the markets right now. The SP500 is at 2% and NASDAQ is at 3%, if it keeps going this way it'll hit some circuit breaker probably and new stock market ATH in the works. But look at the crypto markets, are they rallying the same way? No. Bitcoin is trading sideways and might break support, same with ETH.

Sure BTC regained all that it lost over that large dump but it wasn't correlated with the stock market because the indices were closed back then when it rallied up. So I think for the next few weeks the crypto and stock markets will get decoupled and won't be correlated as much such as it was during the coronavirus pandemic dump.

when announced Biden won the election, the price of Bitcoin fell sharply by more than $ 500,
but after that it went up again and back above $ 15k, and now dump again,
I don't know what will happen next, but it's certain that Biden's win is the cause.

Without a doubt, the price of Bitcoin did have an immediate effect that Biden won, it is that an economy that is supported by a president of such a renowned country gives confidence to investors, Trump does not believe in the economy of cryptocurrencies.

For now Biden has made some statements, but Trump does not accept Biden's triumph, however the market has reacted favorably, perhaps it is this effect in the medium to long term due to the uncertainty that may be generated later.

That's the funny thing about it a lot of analyst and crypto new website have been comparing both candidates and what will there affect when they win the election a lot of people said that if Biden won Bitcoin's price will immediately pump but it wasn't the case during the announcement. So really I think this kinds of speculation or connection should be stop since they aren't really that accurate or will really show a real effect in the market. All of this are just kinds of content news media are using just to create views on their websites.

There is one thing that might affect some bitcoin investor after Biden was announced as President of America and that is "Biden is not investor friendly". However, in reality this cant be justified because market condition that are growing well are one of the thing that must be realized regardless of whoever serves as President. I believe Biden has his own way of doing well for the market growth, although there was a slight impact on bitcoin price after the announcement but I believe this will only be temporary and the market will recover soon.

like a lot of other things, the result of US presidential election has very little effect on bitcoin in a short time which we saw the biggest part of that small effect as the small drop below $15k before price bounced back up again.
things like this are just news that cause some excitement in the market for a day or two and then things go back to normal which is currently a bull run.

Uncertainty is good for Bitcoins price. There was few days of uncertainty and that pumped Bitcoins price. The moment uncertainty ended Bitcoin price made a correction. We are still in a bull market. But what was happening last week was not a bull market but an uncertainty pump.

I was wondering the price may go up if Biden wins, fortunately there was no changes and I came to know that American election didn't had any impact on crypto currency.

Also small pumps and dumps are common such a small fluctuation cannot be considered as dump, what's next is really exciting and thrilling let's wait and see how it goes.

Biden announcement wasn't the reason if you ask me. I don't know what the reason was but we are above $15k already and it just doesn't make sense that Biden announcement would make it go down and up in few hours, it didn't even changed anything in the price at the end because we are at where we started so we didn't lose anything and we didn't gained anything and everything is literally the same.

If there is absolutely no change at the end, why would it be about Biden winning for just few hours in between? Why would it change anything for just a few hours? Plus, we know Biden would give stimulus checks like there is no tomorrow so it should have a lot more good affect on bitcoin with people having more money to invest into bitcoin when their checks coming in, which means future looks better for bitcoin hence why buying would be a better idea.

The question is, this is indeed giving some effect? I dont think so and i do rather look paypal adoption rather than with this election event but i cant blame out people to believe  that this event did really give out some impact but overall we dont really know on whats really happening beyond the curtains on why the price is really shooting this up high.
Well, we do have our own perception towards market yet we know that news or events can neither or not able to affect a market.For now the best thing to be done is to make profits or
do utilize it for your benefit.

Well, IMO the US election somehow has an effect in cryptocurrency, specially when the progress of the result was favoring Biden, Btc tends to have continue to rise since we all know Trump didn't believe much or not a supporter of cryptocurrency. This somehow explains why the sudden surge pf Bitcoin during the US election.
Nevertheless, Btc has been expected to have a bullrun after the halving regardless If It was perfectly timed by the US election or the rise of digital payments during the pandemic. There has been a lot of bullish predictors as well as the investors. So, this bull market might be continuing to rise til 2021 and a new ATH might be stablished early in 2021 or It could be before the 2020 ends.

It doesn't have a huge effect on the market but somehow at least we are seeing people accumulate Bitcoin during that time and particularly use it. yeah, PayPal has something better to show and probably have a long-term effect than the said election.

Anyway, that wasn't important at all. A lot of factors affecting the trend and we can't point out the reason for such a change. We are done with the US election and what we want to see if the momentum will keep the same or it turns back down. And most likely to hear about how the new leadership treats cryptocurrency.

Actually Bitcoin was pumping all week as it became clear Biden was going to win. And Bitcoin started pumping as the election was taking place early in the week. It was expected Trump would lose, so if there was any effect of Biden's win on Bitcoin is was certainly very positive. Not sure why the OP is saying there was a negative effect when Bitcoin shot up several thousand dollars as it became more and more clear that Biden would win, which is what people expected.

So, either Biden's win was very positive for Bitcoin's price, or it is just a coincidence that the price pumped the week that Biden won. I don't really care which is the case, Bitcoin and Biden made for a great week for America and Crypto!

Thinking about there's a great changes when Biden wins is just a dream since in reality there's no law created to make cryptocurrency better. So maybe we should not expect to much and rely on reality since there are more good things happened than creating a hype just for the election talks. The PayPal adoption is a great help since it gives positive approach to the people who doubt bitcoins as legit options.

For me, I see that Biden's winning effect will be temporary and limited, in these conditions full of anxiety and waiting, it is natural for global stock exchanges and Bitcoin to be highly volatile, but it will not be long until calm returns to the markets with the stability of things in the new US administration and the new president.
Biden’s election will not have a long-term impact on Bitcoin, on the contrary, Bitcoin is preparing for a big leap that we will witness soon, and most expectations are that it will achieve a new historical peak.

People love so much correlating one thing to another nowadays especially when it comes to deciding bitcoin price movement factors.
I do believe the price plunged from 15800 usd to 14500 usd is naturally made and could possibly as a reaction of the election result but yes once again it takes a little part only as it is not everybody who hold bitcoin care about this election thing , that is the logic i used.
We are good no matter trump or biden wins , bitcoin is on its way into the new ATH all the way

So the result of the election does influence the price of bitcoin. I am surprised that people are happy to buy bitcoin when Biden is anticipated to become the next president ( I use 'anticipate' because he is not officially achieved this title yet). I hope this is not a short term FOMO since bitcoin really need to remain stable in the current situation. A big sell-off can easily pull bitcoin to the edge which might damage the belief of bitcoin investors

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I personally do not think that Biden related to the significant move of bitcoin. It easy to see that any US president will not give a damn care about bitcoin or decentralized technologies. Tax is absolutely their first priority while the decentralized system gives people the capability to avoid not just tax, but also inflation. Being anonymous on the Internet is absolutely great. We can hide from both government and big companies

There's nothing to convince me that Biden has something to do with why the price is going up or going down, we are just looking to connect at this event and speculate on it, if Biden announced that he will stop Cryptocurrency or make it illegal then we have something to worry about, the market could crash, but Biden seems to be kind of guy who is very open to anything, and he would like to unite things.
So let him take his seat and wait, I will still see the market still going up and going down even before he takes his oath and after he takes his oath.
 

A president's policy on economic growth will affect bitcoin directly and indirectly.
If a policy could support a part of the bitcoin ecosystem, mining, exchanges, bitcoin trust or bitcoin ETF, then the price will definitely skyrocket and vice versa, because the US has the most traffic for bitcoin. Or at least he won't do anything about cryptocurrency, just leave the market as the way it is now, nothing will harm the growth of bitcoin.
Now you see, we hope he will support crypto or doing nothing about it.

There were speculations that if Trump wins the stock market will see a growth and if Biden wins there will be a sink so that might be a reason behind this theory but I agree that there is no genuine reason apart from speculations.

Yeah, even before the elections result the price was continuously moving so we don't know for sure if relating the price change with elections result is the right thing to do. I don't think the Biden winning election affected the BTC prices at all apart from the gamblers who made bets on the elections and had to wait so long for their bets to settle because of the confusion around the results.

Expectations were higher but unfortunately there was no specific changes in the price, thats why crypto is volatile and unpredictable. Here there is nothing to be dependent on, all you need to have is patience after investing. Crypto is huge and big no one can change its growth.

You know, the result was official later but the winner was already known for days so you can't expect the price of Bitcoins to change suddenly when the winner is announced officially. I mean for days Biden was ahead and even though Trump was trying his tricks by saying the votes are manipulated and the counting was manipulated but everyone knew it was time for Trump to leave.

So, maybe the price of Bitcoins that saw a hike during election results process might be because Biden was the winner quite clearly and trump never moved ahead of the 214 mark in terms of electoral votes.

People always love to find these type of connections between price of bitcoin and whatever is going on around the world, sometimes very close to what happens in the crypto world as well but not directly. Remember 2019 peak? We had like almost $14k and went down under to $7k by the start of this year, well during that peak times the talk were all BAKKT starting to work with BTC and on top of that we had Libra by facebook for a stablecoin that could be used to do anything on their platforms and also be able to send money anywhere you want. They weren't really the real reason, but they were seen like that because it happened to be on the same period bitcoin went up.

There is only one reason bitcoin goes up, which is a lot of people buying (more bitcoins bought than sold at same price means price has to go up in order to keep buying via lack of sellers willing to sell on the same price) and that only happens when buyers find a good reason to buy and think price will go up. There is no other reason why it goes up.

I created a thread immediately after I witnessed the price dump but it maybe just a coincidence since then the prices are not actually reacted to the results, probably we can find another effect at the time of President change.

During the American presidential election campaign, there was actually no effect on bitcoin’s rise because before that there had also been a lot of positive news about bitcoin. and the price of bitcoin was already good before the American presidential election.
Regarding the falling price of bitcoin, I think a lot of factors, and we don’t know for sure what the cause is, all opinions are just speculation. Most importantly at the moment, the price of bitcoin is already going well. And we’re just waiting for bitcoin to exceed the current price.

The increase and sudden decrease in the bitcoin's price have something to do with the election. During the campaign period when Americans are in doubt they need to find ways to secure their assets for the meantime and people know that bitcoin is a safe haven that is why the demand back then is really high but after the announcement investors started to make turns and pulled out investments again.

Paypal and Binance may have also impacted these changes on the bitcoin's price since Paypal already adopted bitcoin in their service more people are now getting aware of it and that is why the increase in demand has started while with Binance announcing that they will be blocking US residence in their service so most it has an effect on the dump in bitcoin's price.

Biden will have a big, HUGE impact on bitcoin if he actually signs off on the stimulus bill and everyone gets thousands of dollars for covid help. That improved the price last time it happened and I assume it would definitely help next time it happens as well.

Looking at the senate, they literally rushed a supreme court pick at the last second before elections happened because republicans wanted to put one more person in there, whereas they still haven't decided on the stimulus package that would help over 300 million people during a bad period, which shows that republican senate will not do anything about stimulus until January at least, at which point either democrats will with the senate from run-off races, or they will have to let Biden get an executive order in place.

Yeah, the uptrend in the value of bitcoin started with positive news about Paypal's integration and since then it has not reduced much. I am not sure if the whole US election and it's results merely has any effect on the value of bitcoin or not because we cannot solely credit US election for the pump.

Well, the US election perhaps not have a direct impact on the bitcoin's value or better we should say a little impact because we all know that investors do mind on their assets whenever an election is coming probably the fear of missing out or any laws that can be implemented once that a new president will be elected. Perhaps, -- I am positive that Paypal's adoption of bitcoin in their service has given us a bigger impact on it's valued since it brings a positive connotation to bitcoin legitimacy that brings people's bitcoin awareness when it regards to investment.

I never thought that the price changes (bullish or bearish) that occurred in Bitcoin were caused by factors other than "market demand".  the whales play with you, they buy and sell on certain occasions in order to manipulate your mind and make you associate the patterns they make with other things like politics.  Just remember the formula that the price of decentralized coins is only impacted by market demand..

I don't see any correlation, we just trying to connect the price on current events that we are having, Biden winning and Trump losing has nothing to do with the market, we are now ok even before and after the election, it is when Biden announce something about Cryptocurrency that we should relate it to the prie positive and negative.
I just want to enjoy what we are having now, good price and profit.

The news outlets especially the online media which includes the social media will be giving you the idea of attaching the market demand to certain occasions or it might be the institutional investors taking those opportunities to invest so that everyone else would think that the market is rising because of other factors  ;D.
The price of any financial asset depends upon market demand, be it centralized or decentralized ;).

I don't think so for the whole, if the cause of bitcoin rising is due to Biden's election. perhaps it is more of a factor or as part of an indicator of a rising bitcoin price. because there are still many elements that affect the price of bitcoin.
so it is not necessarily totally due to Biden becoming president.

There is no doubt that stability and even "boring" presidency would help us. As long as we are not in a situation where a president like Trump who could do anything crazy at any given moment people would feel a lot better about their investment.

During Trump presidency he could have come out and said "I love bitcoin, it is better than money" and made the price sky rocket but he could have always said (and did said a bit) something like "Bitcoin should be illegal and not allowed" and nobody would be shocked by neither of them so he had a chance to make it go super high or super low with one tweet and that is both good if supports or very bad if he is against. Biden is not like that, he would be boring and regular and nothing gigantic like that could ever happen during his period.

Bitcoin has been shown to last for many years as a decentralized cryptocurrency. Basically we all know why bitcoin has a price and what determines its price. Increased user trust and adoption have kept bitcoin a tradeable asset at such a high price.

Price fluctuation are often associated with various circumstances including one of the policies, regulation, and also the words of a US president. But none of this affect bitcoin's primary use as a unique payment system. I don't think that investor will lose faith in bitcoin just because of a US president so the price keep going down. It should be that volatility is one of the thing that can help them turn a profit, and it shouldn't have a stable price if their goal is to make a profit.

I am sure trader and investor will continue to believe in bitcoin as a profitable asset because people always know that bitcoin is not a bubble or part of a ponzi scheme. Volatility and speculation remain, but that doesn't mean it's a weakness of bitcoin itself.

For me this is somewhat confusing, in several media they reported that only until December 14 is it known if Biden is really the winner of the presidency, in my case, seeing this news does not cause any impact on my business decisions, but Certainly there are investors, traders who if they do and follow the advice of some influencers, I think that we still have to wait for Bitcoin to pass $ 20k, if everything goes well, it is very likely that this year we can reach that magic figure of $ 20k, even exceed it.

Even if there is no election now the price of Bitcoin will still increase because of the halving and the process of adoption, what happen to Bitcoin is due to the past events that have happened, people are buying not because of the election or Biden winning the election, they are buying because of the events that happened within the community, remember we are decentralized. 

Do we have time for that, only over a month, and Bitcoin is only at $16 k I doubt it can get past even the $18k mark, but we are sure to reach another all-time high next year so save your hope, expectation, and excitement I just hope there will be no more bad news like the Pandemic so we can continue to move forward.

Actually it's bad to disclosed things since we know the characteristic of bitcoins show some unpredictable movement so provably by that month we can see that figures to surpass since Bitcoin can possibly jump to that level without us noticing it. We see that happen before and it might happen right now since if you look at the situation even there's a pandemic the bitcoins shows a good sign which really contributes for people's positive outlook these days.

Biden's winning will help Bitcoin grow if he play back his skirts during the campaigns, He (Biden) actually made some promise that he's going to inject some good finances into the US economy which if executed the bullish Bitcoin will experience a massive surge, though these are politician which words shouldn't be trusted, but from his campaigns words, his presidency will enhance  Bitcoin price which is currently on a bullish note.

The US election always give a good thing for bitcoin and seem like for all investment place. But, I think the investor will have a strategy buy the rumor and sell the news and that is what is happening now. Also the US election will give a bad thing for DXY, especially in this pandemic situation where if Joe Biden win then he will give a lot of stimulus and this will make the dollar price countinue to fall. And I have another prediction that bitcoin price will up again soon, considering the stimulus promised by Biden has not been issued and if that happens bad things will happen to the dollar and good things will be with bitcoin, let we see how far bitcoin will go.

There's only few events or circumstances that affect Bitcoin's price one of this is the pandemic which we are having right now, but I never think that Biden winning has an effect on the market, there's just people who are so imaginative to connect that Biden's winning has something to do  with the market when actually there is none to connect, maybe when he is already sitting

Bitcoin halving was something people said would take into affect way after it happened and not many people really cared about it. The logic was simple, there are less bitcoins mined by miners every single day, on day 1 it is not affecting as much because they have some bitcoins saved aside and it is just one day and one trading volume impact, but the longer we have lower mining output means less savings miners have and less savings they have means the more they will start selling their mined current ones and the more they sell their current mines the higher price will be required for them to make the same profits.

So, it was due time when bitcoin increased so that miners could keep profiting the same way they did before halving happened.

Why is everyone making lots of thread about politics when crypto market has nothing to do with them the same with the pandemic. Bitcoin price did grow because the adaptation is increasing almost everyday we can't stop this from happening technology evolves everyday.

Lots of factors why Bitcoin price is increasing and one of the reasons about it is the PayPal recently accepted Bitcoin as a payment. We can't deny that Bitcoin is slowly gaining popularity across the globe and famous companies. Btw, Bitcoin is still sitting nearly at $16k I doubt if it would break another level of resistance again.

The Biden story is from here to Feb which means daily and weekly bars to me in its influence if any and I presume there is some but it will be in form of market cycles and general weakness or strength to the dollar.    The reason we speculate on politics is that unfortunately it now effects everything via the Federal reserve and US treasury debt, you have a boulder the size of 20 trillion that makes a big splash no matter the market no matter which sea good ship Bitcoin sails in.   BTC is global but its still going to be altered by events such as this, thats a fair premise.

As we get to the end of the week I look at daily bars and weekly bars as they close and we start a new one, it seems fair to look at the conclusion upon the formation of the close and everything before that is speculative to some extent.   If we take the Biden effect as bullish and expect a rise to continue then I'm looking at 15572 as a line to watch, largely as its matching the daily bars in regular closing prices for most of this month so I think that higher area must hold now for the story to continue in BTC terms.

We will see then as Biden Confirms Crypto-Savvy Gary Gensler Will Lead Financial Policy Transition Team (https://www.coindesk.com/biden-confirms-gary-gensler-will-lead-financial-policy-transition-team).


Maybe he is pro-crypto, or maybe not, but what's important is that we have someone in the Whitehouse that really knows a thing or two about crypto so that's fair enough for us. And this is just the beginning, maybe we can see familiar names surrounding Joe Biden's presidency that might bring some fresh air to crypto market and might be the reason for a bull run in 2021.

Because many are hopeful to see a good result for seeing a new guy  win the presidency but totally this is irrelevant thinking since how does it create change while biden doesn't know about crypto and for sure this will be less on his priority that's why it's better to focus on current happening than dreaming that there's something huge in politics.

Do you really think that markets didn't really know what the chances were? I mean sportsbooks are sharing what they think will happen with their odds and giving Biden a bigger chance to win based on polls and other stuff they conduct to see and when gamblers wager on Biden so much more, sportsbooks were giving him better chance to win.

So, you think Biden winning was a shock to market? To either crypto or any other? There were just two candidates anyway, it would be either Trump or Biden and I feel like crypto market priced those chances in even before election happened. Sure there were some movements a bit before election, during election and after Biden declared winner, they were all moves but I still think it wasn't really impactful enough to make these kind of huge changes all by itself.

On average Trump period had under 10k level, sure he has seen the all time high price of 2017 December but when you take the 4 years average he has seen quite lows as well around 3-4k levels for a long period of time. Biden won and the first thing bitcoin did was to go above 18k dollars and I assume this is just the start.

For the next 4 years with Gary Glenser and many other people like cryptomom and similar who are in Biden administration or find jobs around government levels and like crypto and surround their lives around crypto, I could say that we are going to see as much as 50k in the next 4 years. Obviously this is just a hyperbole and reactionary but what is bitcoin price if not reactionary, we hear a news and it goes up right away, that is what bitcoin has done for the past 10 years.