Any relation between market dump and Biden's win?

[Findingnemo]

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?

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[jackg]

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).

[Findingnemo]

... 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.

[Tytanowy Janusz]

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.

[stompix]

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

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.

If I'm not wrong Biden is less into crypto than Trump was (trump was sceptical, Biden looks to be against).

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.

[UnDerDoG81]

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

[dimonstration]

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..

[romero121]

Already a video of Trump leaving the White House 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.

[exstasie]

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?

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.

[pilosopotasyo]

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?

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.

[TravelMug]

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

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.

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

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.

[thecodebear]

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.

[samcrypto]

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?

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.

[LogitechMouse]

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:

A Joe Biden presidency would be negative for equities in the U.S. and positive for other markets given his plans to hike taxes on companies and wealthy Americans, according to veteran investor

This is base on this article: LINK

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.

[TIDOVEE]

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?

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.

[thecodebear]

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.

[Findingnemo]

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.

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.

[Fundamentals Of]

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.

[plr]

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.

[pooya87]

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.