Biden's winning effect on the crypto market.

[Kelvinid]

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://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.

 

[1714656879]

1714656879

[Fortify]

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

[sayaya17]

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

[coolcoinz]

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.

[batang_bitcoin]

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

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.

[Casdinyard]

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.

[adaseb]

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.

[kapalmabur]

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.

[LUCKMCFLY]

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.

[Harlot]

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.

[ShowOff]

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.

[BrewMaster]

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.

[Febo]

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.

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.

[kentrolla]

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.

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.

[davinchi]

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.

[dunfida]

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://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.
 

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.

[Oasisman]

Still not convinced that the election has something to do with the sudden price increase in the market price of Bitcoin.

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.

[Kelvinid]

snip~

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.

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.

[thecodebear]

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!

[ultrloa]

snip~

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.

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.

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.